Labor will serve as a "safety net" for the government in case of a peace plan, opposition leader Shelly Yacimovich told Palestinian Authority President Mahmoud Abbas in Ramallah Sunday.
The two discussed the chances of progress in peace talks between Israel and the Palestinians, and Yacimovich emphasized her party's commitment to a two-state solution along with Israel's interest in protecting its citizens' security.
Yacimovich called for peace talks to resume immediately, and that both sides should accept the US's efforts to mediate in negotiations.
Earlier this month, Labor said it would consider joining the coalition if Israel is on the verge of signing a peace treaty with the Palestinians.
"If we are on the cusp of singing a treaty and [Economic and Trade Minister Naftali] Bennett threatens to quit, we won't be the opposition, and will reexamine entering the government," a spokeswoman for Yacimovich explained Wednesday.
The Labor leader said her party would support "positive, significant steps toward reaching an agreement."
Labor responded enthusiastically to Qatari Prime Minister Sheikh Hamad bin Jassim al-Thani's announcement in Washington that the Arab League would be willing to deviate from pre-1967 lines and offered the option of "minor" land swaps. Nearly all of the party's MKs released statements welcoming the change.
The proposal fits with the "Clinton Outline" that Labor supports, Yacimovich explained in an interview with Israel Radio, and would give Israel "extra points" in the world if the government would accept it.
MK Binyamin Ben-Eliezer (Labor) also said that his party would be willing to join the coalition to increase political stability and bring progress in peace talks.
Ben-Eliezer described the development as a "historic opportunity," saying Prime Minister Binyamin Netanyahu would have to make a decision on the matter.
"If due to the diplomatic issue, Bennett leaves and the government breaks up, Labor is in, because there is no shadow of a doubt that if such a miracle occurs,the prime minister will grab the opportunity and will enter negotiations, he knows that he has the Labor party," Ben-Eliezer stated.
JPost.com staff contributed to this report.