The ruling Democratic Party and the minor New Wave Party agreed to a merger on Thursday.

Co-chairs of the Democratic Party's emergency committee, Yun Ho-jung and Park Ji-hyun, and the New Wave Party chief Kim Dong-yeon announced that the two parties are declaring a merger to promote change in politics and national unity, in accordance with the joint objectives of former DP presidential candidate Lee Jae-myung and Kim, who also ran in the presidential election.

Kim dropped out of the March 9 election to support Lee.

The two parties agreed to call the newly-merged party the Democratic Party, and establish a joint committee to seek a change in politics. The merger will be completed by April 18.

Kim said the New Wave party will support the Democratic Party's various policies and try its best to bring victory in the upcoming local elections.

Yun Ho-jung echoed Kim's claims, saying the new party will make the local elections a starting point for achieving political change.