September, 4 2017 (CNN)

The Colombian government has reached an agreement with leftist ELN rebels on a bilateral ceasefire starting October 1, Colombian President Juan Manuel Santos announced on television Monday.

The ceasefire will run for an initial 102 days through January 12, 2018, and will be renewed if progress continues to be made in negotiations between the two sides.
The ELN had been the last holdout after the main leftist group, FARC, signed a peace accord with the government in November 2016.
Last week, the country’s most powerful former guerrilla force transitioned into the political arena. On Thursday, FARC unveiled the name and logo of its new political party. The acronym remains the same but the group’s chosen party name is “Fuerza Alternativa Revolucionaria del Común” or “Common Alternative Revolutionary Force.”

The announcement comes after an almost week-long political convention in Bogota.
The FARC now has the potential to represent constituents as part of the peace negotiations that ended an armed conflict spanning more than 50 years.
It remains to be seen if the FARC will form a coalition to run for elected office in the 2018 presidential elections in Colombia. Several FARC leaders have yet to be in the clear of the judicial system, which, for the time being keeps them from running for office.
The road leading to a peace agreement was a contentious one, with Colombians rejecting a deal in a referendum. Ultimately the government and the opposition reached a deal that was ratified by Congress and then signed with the FARC. President Santos was awarded the Nobel Peace Prize for his efforts in bringing Colombia closer to peace.
FARC finalized its disarmament less than a month ago, per the stipulations of the peace accord. The conflict, witnessed by many generations, has claimed the lives of more than 220,000 people.