The Future Grand Coalition, a new party led by defectors from the main opposition Democratic Party (DP), and the New Future, a new party led by former DP chair Lee Nak-yeon, will merge into a single political party.

The two sides said on Sunday that they have agreed to jointly create a new party and hold an event next Sunday to inaugurate the new party, tentatively named “Reform Future Party.”

In a press conference at the National Assembly on Sunday, co-chair Park Won-seok of the Future Grand Coalition and Shin Kyoung-min, an official from the New Future, said that the two sides have agreed to jointly create a new party to meet the public's expectations and called for abolishing vested interests, pursuing political innovation and social reform.

Regarding the tentative name of the Reform Future Party, they explained that the name signifies the party's will to lead reforms in politics, society and people's livelihoods and move forward to the future.