The ruling Democratic Party and three minor opposition parties are set to hold a meeting on Sunday afternoon to finalize their discussions on how to reform the nation's election system.

National Assembly Political Reform Committee Chairwoman Sim Sang-jeung will hold the meeting with representatives from the ruling party, Bareunmirae Party and the Party for Democracy and Peace at 3 p.m. at parliament.

The four parties, excluding the main opposition Liberty Korea Party, plan to produce a final agreement on the reform plans on which they have reached a general agreement.

The parties will then hold respective meetings of party members this week to collect opinions and approve the unified agreement.

On Friday, the parties agreed to introduce a mixed-member proportional representation system without increasing the number of parliamentary seats from the current 30. The proposed system will allocate 75 proportional representation seats tied to the percentage of voters' support for each party.