Hariri's decision to rescind came after a consensus deal reached with rival political parties.
The announcement came at the end of the first Cabinet meeting since Lebanon was thrown into a political crisis after Hariri's stunning move a month ago.
The Cabinet assured in an emergency meeting "the commitment of the Lebanese government in all its political components to dissociate itself from any disputes, conflicts, wars or internal affairs of Arab countries in order to preserve Lebanon's political and economic relations with its Arab brothers."
The draft of the statement was agreed after numerous communications and meetings held quietly in the past few days, involving President Michel Aoun, Parliament Speaker Nabih Berri, Hariri, Hezbollah and other parties.
In a statement, Hariri hoped that "the Cabinet meeting would present a new opportunity for solidarity to protect the country. We all can see how the region is boiling, and we should not have any illusions that any miscalculated step could lead the country down a dangerous path."
Hariri said in the statement: "I am the prime minister of Lebanon and today there is a death sentence against me in Syria, and Hezbollah has been classified as a terrorist (organization) in the Gulf countries. All I am saying is that we need to spare the country from getting involved in the regional conflicts and preserve our stability.”
He added: “However, this does not relieve us from realizing the current problem and the concerns of many brotherly countries, especially Gulf countries, which sent us many clear messages concerning interference in their internal affairs. This means that there is a problem which we cannot ignore, and which should not continue. Attacking the Gulf countries in the media and in politics threatens the interests of Lebanon, especially the Lebanese expatriates working in the Gulf."
Hariri stressed: “Our interest lies in the protection of our historical relations with Saudi Arabia and all the Gulf (countries), and depriving those who do not wish us well from a pretext to draw Lebanon into chaos."
Hariri noted that "we are not in the business of confirming Lebanon's Arabism. This is a settled issue, and the Taif agreement is as clear as the sun. But we want to send a message to our Arab brothers that Lebanon does not want to damage its relations Arab countries or harm any Arab country.
"The Lebanese government, in all its political components, has committed to distance itself from all conflicts, wars, and internal affairs of Arab states," according to the Cabinet statement read out by Hariri.
Minutes after Hariri's announcement, Paris said the Lebanese premier would attend talks on Friday in France on the situation in Lebanon, which US Secretary of State Rex Tillerson will also attend.
"The aim is to support the political process (in Lebanon) at a crucial moment," the French Foreign Ministry said, according to Agency France-Presse. ”It will send a message both to the various parties in Lebanon and to countries in the region."