In a major political development, two ruling Communist parties in Nepal — CPN-UML and CPN (Maoist Centre) — have decided to unify and form a new party.

Top leaders of the Communist Party of Nepal (Unified Marxist-Leninist) and CPN (Maoist Centre) forged consensus on seven points, including the name of the new political party, after their unification on Monday night.

According to the seven-point agreement signed by the two parties, the name of the unified party would be Nepal Communist Party (NCP).

The leaders of the UML and Maoist Centre decided to hold the unity general convention by revising the theoretical issues through discussions and deliberations.

However, the date for the unification of the two parties was not mentioned in the agreement.

The leaders also agreed to prepare the groundwork for socialism through socio-economic transformation by strengthening nationalism, democracy and social justice.

Prime Minister and CPN-UML Chairman K.P. Sharma Oli and Chair of the Maoist Centre Pushpa Kamal Dahal “Prachanda” will chair the new party on a rotational basis until the next general assembly is held.

Similarly, Oli will hand over the Premiership to Prachanda after three years.

On Tuesday, Prachanda said that the Nepal Communist Party was formed in principle and it would be materialised legally after registration with the Election Commission.

“We have opted for a two-chairmen system until the general convention,” he said.

As per the agreement, different taskforces were constituted to prepare the interim political report, interim statute and organisational framework of the new political party.

Prachanda said old committees of the two parties would be dissolved within a week on the basis of suggestions of the taskforces and the statute. He added that the general convention of the party would be held within two years and Oli would be Prime Minister till then.

Likewise, the new party’s directorate principle will be Marxism-Leninism, the agreement stated.

It also said that UML’s “People’s Multiparty Democracy” and Maoist Centre’s “Maoism” as well as “21st century Democracy” can be modified as per need.