Democratic Party leader Kim Han-gil and independent lawmaker Ahn Cheol-soo of the New Political Vision Party have given their coalition a name.
Both say the 'Saejungchiminjooyeonhap' Party will match their shared vision to shake up Korean politics and improve the livelihoods of the people.
The name was adopted at an inaugural ceremony at the Sejong Center in central Seoul on Sunday, where the two lawmakers outlined their visions for the new opposition party in front of some 4-hundred supporters.
The Saejungchiminjooyeonhap Party's co-leaders promised the new party represents a new era in politics.
"The Saejungchiminjooyeonhap Party will work towards integrating the regions and overcoming factionalism. Our new party will deliver hope to the people and work in the interest of everyone."
"The Saejungchiminjooyeonhap will embrace the ideologies of rational conservatives and introspective progressives. We will work towards improving the lives of the general public. We will win in the June 4th local elections and then win the presidential race in 2017."
The new party will work toward abolishing a controversial top-down nomination system which has given rise to bribery in the past as candidates elbowed for openings.
Both leaders pledged to root out irregularities in the public sector and address welfare issues to improve the livelihoods of the people.
Referring to President Park Geun-hye's economic democratization push, the new party urged the current adminstration to rein in conglomerates and create a level playing field for both large and small firms.
The Saejungchiminjooyeonhap Party plans to announce its English name sometime this week.
"The two sides have formed a task force composed of an equal number of members from both DP members and Ahn's group. Now that the new party has a name and identity has been decided, they will focus on winning the June 4th local elections.
Ji Myung-kil, Arirang News.