A group of bipartisan lawmakers who left their parties has launched a committee to prepare for the creation of a new party tentatively called the “Grand Future Coalition.”

The lawmakers include Reps. Cho Eung-cheon, Kim Jong-min and Lee Won-wook who quit the main opposition Democratic Party (DP) last week, former People Power Party (PPP) lawmaker Jeong Tae-keun and former Justice Party lawmaker Park Won-seok.

In a launch ceremony for the new party preparation committee on Sunday at the National Assembly, the lawmakers said that the people’s livelihoods, the country’s future and the leadership are all in crisis, vowing to join forces with all reform-minded people to destroy the old and incompetent system run by the privileged.

They said that the drive for innovation within the two established parties has long since disappeared, calling for a shift to democracy with a multi-party system.

The launch ceremony was also attended by former DP chair Lee Nak-yeon and former PPP chair Lee Jun-seok, who were seeking to establish their respective parties, as well as former DP Rep. Keum Tae-sub and independent lawmaker Yang Hyang-ja, who recently launched their respective new parties.

Ahead of the ceremony, the former leaders of the DP and PPP and Kim Jong-min met at a coffee house in Yeouido to exchange opinions on the possibility of joining forces to create a new party.