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Former Meretz chairman MK Yossi Beilin announced on Tuesday that he's intending to retire from politics.

Beilin is likely to resign from the Knesset over the next few days. He will be replaced by Dr. Zvia Greenfield, who is placed sixth on the Meretz list.

The former minister and Oslo Accord architect said he intends to develop a business enterprise in the field of foreign relations.

After serving two decades in the Labor party, Beilin joined Meretz in 2003 after failing to get elected to the Knesset on the Labor ticket. When Yossi Sarid resigned as party leader, Beilin was elected his successor. Last year, he Beilin drops out of Meretz leadership race, throws support to MK Oronstepped down and supported Haim Oron's leadership bid, the current chairman of the left-wing party.