South Korea's ruling Democratic Party(DP) and four minor opposition parties except for the main opposition Liberty Korea Party have been struggling to produce a unified bill on election reform.
Working level officials of the five parties met for discussions over the matter on Thursday afternoon at the National Assembly but failed to reach an agreement during their more than 90 minute long meeting.
DP lawmaker Yun Ho-jung, who attended the negotiations, told reporters the discussions were not successful, but declined to comment further.
Representative You Sung-yop of the newly launched party, whose name translated literally is 'New Conservative Party', said all involved parties shared their intent to reach an agreement by Friday morning.
The meeting came as the DP was beefing up efforts to table fast tracked reform bills, including an election bill, during a parliamentary plenary session on Friday in the face of strong opposition from the LKP.