Foreign Affairs Minister Brian Cowen has told the Dail that the Irish Government believes diplomacy offers the best means of solving the current crisis over Iraq.
Mr Cowen also said every effort should be made to avoid military action and that such action would only be acceptable under a UN mandate.
"Ireland shares the growing international consensus that the Iraqi regime poses a potential threat to regional security," he said.
"Iraq has so far consistently failed to meet its obligations under international law and the relevant Security Council resolutions.
"Nevertheless we continue to believe that diplomatic means offer the best hope of resolving the crisis."
Mr Cowen welcomed US President George W Bush's statement that he is willing to make another effort to find a diplomatic solution and said Ireland will support this move.
He also called on Iraq to increase its co-operation with UN arms inspectors and welcomed the positive signs from recent meetings between Iraqi and UN officials.
"We look forward to the earliest possible agreement on the return of inspectors and the speedy commencement of work," he said.
UN weapons inspectors left Iraq in 1998 ahead of a US-British attack on the country.
Iraqi President Saddam Hussein subsequently refused to allow their return because of widespread suspicion that the inspection team had been infiltrated by US spies.