Sinn Féin, at a meeting of its national executive in Dublin today, has decided that it will follow the course of the St Andrews Agreement.
The British and Irish governments have given all of Northern Ireland's parties until Friday to decide if they are prepared to endorse the plan for restoring devolved government, as set out in St Andrews three weeks ago.
Sinn Féin said there are elements in the position of the two governments that need 'further work to keep them in line with the Good Friday Agreement'.
Party president Gerry Adams said the St Andrews blueprint has the potential to move the peace process forward.
The Taoiseach, Bertie Ahern, has welcomed Sinn Féin's acceptance as a positive move.
A Government spokesperson said that contacts will be kept up with all parties, but that the Taoiseach's assessment of the prospects is 'largely positive'.
Meanwhile, the leader of the Alliance Party, David Ford, warned it would not be able to recommend the St Andrews Agreement to its supporters without more detail of exactly what was agreed.
Mr Ford said he required full details of what was in side deals at St Andrews last month before the party could consider recommending it to supporters.
He said the centrist party would require guarantees about the stability of the institutions and a genuine commitment to all aspects of the rule of law from all sides.
Separately, UK Unionist Party leader Robert McCartney, MLA, has said he has been contacted by numerous DUP supporters urging him to run candidates against the DUP if an Assembly election was called to ratify the deal.
