President Maithripala Sirisena and Opposition Leader Mahinda Rajapaksa wll co-lead the political alliance that will be formed on October 31.

The two parties are set to sign another agreement on Thursday pertaining to the formation of the new alliance 'Sri Lanka People's Freedom Alliance'.

The SLPP and the SLFP will contest the upcoming provincial and national elections under the same alliance.

President Sirisena who returned to the country today after a visit to Japan indicated that he would not retire from active politics after the next Presidential election.