Two minor political parties on Friday laid out a set of policy cooperation agenda as they accelerated their talks to form a joint floor negotiation group aimed at bolstering their clout in the legislature.

The liberal Party for Democracy and Peace (PDP) and far-left Justice Party announced their joint position on a number of issues, including constitutional revision, "consensus-based" democracy and the protection of small businesses.

The agreement came as their talks on the formation of a joint negotiating bloc entered the final stage. Following internal approval procedures, it is expected to be officially launched as early as next week.

The PDP and Justice Party, which have 14 and six lawmakers, respectively, have been excluded from key legislative negotiations, as each party alone cannot form a negotiating bloc with the required minimum of least 20 legislators.

A negotiation group in parliament can join various cross-party negotiations over key legislative issues, including the passage of a government budget and the makeup of the legislature's standing committees.

During their negotiations, the two sides have also agreed to name their current whips as co-floor leaders of the joint negotiating bloc.

The parties' joint negotiating bloc, should it materialize, would be the fourth largest in the legislature after the ruling Democratic Party, main opposition Liberty Korea Party and Bareunmirae Party.

The PDP was launched last month after a group of lawmakers bolted from the then-People's Party in protest against its then-leader Ahn Cheol-soo's push for a merger with the center-right Bareun Party.

The People's Party and Bareun Party have created the centrist Bareunmirae Party. (Yonhap)