Taoiseach Micheál Martin and Tánaiste Simon Harris have welcomed the withdrawal of tariff threats by US President Donald Trump against European countries over his desire to acquire Greenland from Denmark.
Mr Trump said tonight that the "framework for a deal" had been reached following a meeting with NATO chief Mark Rutte at the World Economic Forum in Davos.
Mr Trump did not provide any details on the framework, but said that his proposed tariffs against European countries who had been resisting his quest to acquire Greenland were now off the table.
Mr Martin told RTÉ News in Davos: "I warmly welcome the statement.
"And I think it reflects what I've been consistently saying, that the only way to resolve issues of this kind is through dialogue, through discussion and through engagement. That is the key.
"It's particularly welcome that a framework has been developed that will facilitate discussions between all involved.
"Collectively, we need to de-escalate this situation. We need to dial down and engage in those areas that matter: economy, society."
The Taoiseach said that business leaders had expressed to him that political stability was necessary for economic development.
He said: "We're all here [in Davos] to represent our people.
"I'm taking the opportunity to meet with many companies who are located in Ireland, who have significant investments in Ireland, and obviously they want stability.
"They want certainty in world politics to facilitate economic development and so do we in Ireland.
"So this is welcome and I pay tribute to all those involved in the discussions that led to this."
Mr Harris said that the withdrawal of the threatened tariffs was welcome but warned that there was still much detail to emerge on any agreement and "much volatility", after Mr Trump had repeatedly stated his desire to acquire Greenland from the US' NATO ally Denmark.
Mr Harris said that the development gives "credence and credibility" to the EU's approach, and that it was important that member states continued to work together.
He said: "The withdrawal of the threat of additional tariffs on European countries by president Trump is of course a welcome development and it does indeed give credence and credibility to the strategy we've all deployed at a European level, maintaining cool heads," he said, speaking outside of Government Buildings tonight.
"Not responding to every bit of political noise or every Truth Social post, but engaging in a calm, constructive and collected way at a European level.
"It is important that we continue to work collectively, as a European Union, to stand up for the sovereignty of Denmark and Greenland. Greenland being a part of the Kingdom of Denmark.
"And also collectively work to seek the full implementation of the trade agreement that we already agreed with the US administration.
"An agreement that is key to protecting economic activity on both sides of the Atlantic.
"They want certainty in world politics to facilitate economic development and so do we in Ireland."
