Cambodia's Prime Minister Hun Sen (2nd R) shakes hands with Sam Rainsy (2nd L), president of the Cambodia National Rescue Party (CNRP), after a meeting at the Senate in central Phnom Penh July 22, 2014.[Photo/Agencies]

PHNOM PENH - The opposition Cambodia National Rescue Party (CNRP) on Tuesday agreed to end its year-long boycott of parliament after the ruling party agreed to electoral reforms, power sharing in parliament and a TV license.

"The two parties have agreed on a political resolution by joining to work in the National Assembly towards tackling national issues based on the principles of democracy and the rule of law," according to a joint agreement released after a five-hour face-to- face negotiation between Prime Minister Hun Sen, vice-president of the ruling Cambodian People's Party (CPP), and CNRP's president Sam Rainsy.

The opposition's 55 lawmakers-elect have boycotted the Parliament since last July's election, which they alleged was marred by fraud, and are demanding electoral reforms and an early election.

The two parties agreed to the reform of the National Election Committee (NEC), according to the joint agreement. The new NEC will comprise nine members--four from each side and one will be chosen with both parties' approval.

For power-sharing in the National Assembly, the two parties agreed that the ruling CPP holds the positions of the president and 2nd vice president of the National Assembly, while the CNRP holds the position of the first vice president of the National Assembly.

In the National Assembly, there are 10 commissions; the two parties will chair 5 commissions each.

Political dispute between the CPP and the CNRP has simmered since the results of the parliamentary election in July last year showed that the CPP won 68 seats against 55 seats for the CNRP.

Speaking briefly to more than 100 reporters after the meeting, Prime Minister Hun Sen said the meeting was "successful"" and asked journalists to give a big hand.

CNRP president Sam Rainsy said, "The meeting produced a resolution, which ended the political crisis and tension."

He said the CNRP's 55 lawmakers-elect would pay a courtesy call on King Norodom Sihamoni and hold a swearing-in ceremony soon.

Speaking in a joint press conference after the meeting, CNRP's spokesman Yim Sovann said Prime Minister Hun Sen also agreed with the CNRP's request to open an opposition TV channel, which will be operated by a private company.

The top-level meeting between the leaders of the two parties came after eight opposition political figures, including seven lawmakers-elect, were arrested last week following a violent protest that resulted in more than 40 persons injured. A Cambodian court charged them with leading insurrection and incitement, which could face up to 30 years in prison if convicted.

Prum Sokha, a spokesman for the CPP, said the two parties agreed to ask the court to release them on bail in order to ease political tension.

In regard to the next general election, he said that it will be held in February 2018, five months earlier than the schedule.

For the reopening of the Freedom Park, a site designated for protests, which has been closed since January after violent clashes, Prum Sokha said the Freedom Park will be reopened soon after the opposition lawmakers-elect are swore in.