The Tánaiste has said that by signing Ireland up to an EU instrument called Security Action for Europe, or SAFE, it will "assist us in keeping our people and our country safe in terms of our defence force capabilities".
The scheme will enable Ireland to acquire defence systems more speedily.
The move would, in part, streamline procurement policies across the bloc and enable Ireland to obtain sonar capacity and air defence systems more quickly.
Simon Harris said that as a small country, it can take too long to procure and gain access to "capabilities".
He said "it makes sense for Ireland to be able to link with other countries who are making a purchase and basically put in an order that accommodates Ireland as well.
"So this is about common procurement," Mr Harris said.
Russia's invasion of Ukraine and US President Donald Trump's lukewarm attitude to Europe's defence has led the European Union to reviewing all aspects of its security policies.
The EU's SAFE instrument came into force at the end of last month and it seeks to provide financial assistance to member states to support urgent public investments in defence production and increase capacity.
SAFE also aims to ensure closer cooperation among member states when it comes to joint acquisitions via a derogation from existing procurement rules.
Mr Harris, who is also Minister for Defence, intends to sign Ireland up to the scheme.
This would accelerate the country’s ability to acquire defence capabilities such as force protection, artillery, cyber and air defence systems alongside sonar capacity.
The acquirement process can currently take up to two years to complete.
He said the Government is already seeking to improve radar an sonar capabilities for the Defence Forces and better force protection measures for Irish troops.
Meanwhile, Labour's defence spokesperson Duncan Smith has called for an urgent Dáil debate on defence to be scheduled for next week.
Mr Smith said that people need a guarantee that we can invest in defence while protecting our neutrality.
"Labour is very wary about the growing push towards militarism in the EU," he said.
"In the context of Trump pressuring NATO countries, many of whom are EU member States, to increase their defence spending to 5% of GDP, SAFE will be the mechanism to achieve this goal for many of these states.
"We are not a NATO state and any investment we make in our defence forces cannot be conflated with NATO goals.
"We cannot, as a militarily neutral state, have this seen to be Ireland in lock step with NATO militarism," Mr Duncan said.
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