Members of the minor conservative Bareun Party agreed on a proposal to merge with the centrist People's Party at a party convention held Monday at the National Assembly.

The two parties are set to finalize the merger procedure at a joint convention next Tuesday.

The joint committee tasked with preparing for the merger decided Friday to name the new party the "Mirae Party." Mirae means future in English.

The envisioned new party, with around 30 seats in the National Assembly, is expected to become the third largest negotiation bloc after the ruling Democratic Party and the main opposition Liberty Korea Party. 

The Bareun Party will dissolve around a year after it formed as a splinter group comprising of lawmakers from the main conservative bloc who supported the impeachment of ex-President Park Geun-hye.