Taoiseach Micheál Martin has said the Government is "examining" an invitation by US President Donald Trump to join his so-called 'Board of Peace', which is ostensibly being created to oversee the peace process in Gaza, but which Mr Trump also wants to use in a broader conflict resolution context.
Only one EU member state - Hungary - has agreed to join the board.
Speaking at the World Economic Forum in Davos, the Taoiseach said: "There are issues that we will examine in respect of it."
He added that the Government welcomed the second phase of the Gaza peace process. However, he wanted to see a dramatic escalation in humanitarian aid into Gaza.
Mr Trump has described his 'Board of Peace' as the "most prestigious board ever assembled at any time, any place".
But some world leaders appear increasingly cautious about his new initiative for resolving international conflicts - which comes with a $1 billion (€855 million) fee for permanent membership.
Mr Trump signed the body's charter this morning.
A number of EU member states have declined an invitation to join the board, largely because of concerns over Mr Trump's prominent role, including veto powers, and its potential to pose a challenge to the primacy of the United Nations.
There have also been concerns over the invitations extended to Russian president Vladimir Putin - who has been indicted by the International Criminal Court (ICC) for war crimes - and the Belarussian dictator Alexander Lukashenko.
British Foreign Secretary Yvette Cooper said the UK would not take part in today's signing ceremony because of "concerns about President Putin being part of something which is talking about peace", according to British Foreign Secretary Yvette Cooper.
Israel's prime minister Benjamin Netanyahu has also agreed to join the board.
"We will consult with our European partners this evening and over the next while, in terms of our contribution to the peace process," Mr Martin said.
"Our principal focus at the moment is to try and contribute to the peace process in the Middle East, given our own experience in conflict resolution, and we believe that the level of humanitarian aid is not going into the degree that it should."
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Britain, Germany, Norway, Sweden, Italy and Slovenia have declined the invitation, while France is expected to decline. Mr Trump threatened tariffs of 200% on French wine and champagne after President Emmanuel Macron indicated his country would not join the board.
The Taoiseach acknowledged it had been a "very, very difficult" week for transatlantic relations, and the crisis over Greenland had spurred momentum towards greater European autonomy.
"Europe needs to develop stronger self-reliance across the board," he told reporters.
"That is clear, and already that has been happening in respect of the impact of the war in Ukraine. That has really transformed the whole psychology around European security."
Mr Martin said he would travel to Washington for St Patrick's Day to reflect the strength in the US-Irish relationship.
"Economically, [and] in terms of history, Ireland and the US have a very, very strong, robust, good relationship. Economically, [it's] very critical in terms of the number of jobs that are created both ways: Irish companies create jobs in America, multinationals from America create many thousands of jobs in Ireland."
Board 'not something we can support' if it supplants UN
Minister for Foreign Affairs Helen McEntee expressed concern that the board has a "much wider remit" than what had been outlined to the United Nations.
She said the original focus had been on Gaza, but this had now expanded and it was "not something we can support" if it supplanted the work of the UN.
The minister said the Government would "engage" with the US administration and "assess" whether or not it was possible to support the initiative.
Ms McEntee made the comments in Dublin while outlining her priorities for Ireland’s presidency of the European Council which begins in July.
Additional reporting by Reuters
