The main opposition Liberty Korea Party has accepted a proposal by the minor opposition New Conservative Party to form a consultation body for discussions on a merger.

The LKP will also seek to arrange a meeting between its chairman Hwang Kyo-ahn and NCP Representative Yoo Seong-min before the lunar New Year holiday this week.

The main opposition's secretary-general Park Wan-su held a news conference on Monday and said his party also agreed that a consultation channel is necessary and accepted the New Conservative Party's proposal.

He said the two parties will sufficiently coordinate to decide on the details of the consultation panel including the timetable.

Earlier on Monday, one of the NCP's co-chairs Ha Tae-keung issued an ultimatum saying that if the LKP does not accept the proposal by the end of the day, his party would go on its own path.