Nepal's former Prime Minister Baburam Bhattarai?(4th L) and? incumbent Deputy Prime Minister Upendra Yadav (5th L) hold hands with party members after the declaration and formation of?the "Samajwadi Party Nepal"?in Kathmandu, Nepal, May 6, 2019. Nepal's former Prime Minister Baburam Bhattarai and incumbent Deputy Prime Minister Upendra Yadav announced the establishment of a new political party under their joint leadership with the ideology of improved federal socialism on Monday. The new party was formed after the merger between the two parties Naya Shakti Party Nepal (NSPN) and Federal Socialist Forum Nepal (FSFN) led by Bhattarai and Yadav respectively. The new political party is named as "Samajwadi Party Nepal" meaning Socialist Party Nepal. (Xinhua/Sunil Sharma)

KATHMANDU, May 7 (Xinhua) -- Nepal's former Prime Minister Baburam Bhattarai and incumbent Deputy Prime Minister Upendra Yadav announced the establishment of a new political party under their joint leadership with the ideology of improved federal socialism on Monday.

The new party was formed after the merger between the two parties Naya Shakti Party Nepal (NSPN) and Federal Socialist Forum Nepal (FSFN) led by Bhattarai and Yadav respectively. The new political party is named as "Samajwadi Party Nepal" meaning Socialist Party Nepal.

As per the nine-point agreement reached between the two parties, Bhattarai and Yadav will be the two chairpersons of the party to lead the Federal Council and the Central Committee respectively.

The party will have eight vice chairpersons and the three general secretaries.

According to the leader of the party, the new party proposed the idea of ??establishing an ethnicity-based federal system in 11 provinces across the country.

"The country is going to see the rise of the new alternative political force that will work to push for the agenda of economic prosperity with its ideology of improved federal socialism. We will be totally different from those traditional political parties who have been practicing the ideologies of communism and capitalism," Bhattarai said at the launching ceremony.

At the presence of hundreds of well-wishers, party cadres and intellectuals, Chairman Yadav said his party will also push forward the agenda of the amendment of the country's constitution to make the constitution inclusive to meet the aspirations of marginalized and backward communities.

"To ensure the proportional representation of all communities including Arya, indigenous nationalities and Madhesis are essential to achieving peace and stability in the country," Bhattarai said.

Bhattarai became the country's prime minister in 2011 four years after his then rebel Maoist party joined the mainstream politics by renouncing the violent armed conflict.

Yadav is currently the deputy prime minister and health minister of the Nepali government.

The two leaders have vowed to work to protect and promote national independence, secularism, socialism, inclusive democracy and republicanism during the ceremony.