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The Government will undertake an economic assessment of the Mercosur trade deal to see what impact it will have on the Irish economy.
Speaking to reporters in Brussels, An Taoiseach Leo Varadkar said if the deal had a negative impact on the economy and jobs, then Ireland would vote against it.
If it had a positive impact, Ireland would be “minded to vote for it”.
The Taoiseach said it was evident the deal would be bad for the beef sector, but good for the dairy and drinks industry, small and medium enterprises and the services sector.
Ireland does not have a veto on the deal, which will come before the European Council in two years' time.
Trade council votes take place by a qualified majority which means Ireland would need support from almost one third of EU countries to block the deal.
Beef quota
The political agreement part of the deal, which is the first in a number of hoops it must jump through before it is ratified, was sealed after 20 years of negotiations.
The inclusion of a 99,000t quota for beef and 100,000t for poultry has been subject to major criticism from farmers.
Speaking on RTÉ Radio 1 yesterday, Minister for Agriculture Michael Creed said it was a bad deal for the beef sector.
However, he said Ireland was not without allies in Europe and that there were two years in which concessions could be secured before it is signed off.
IFA livestock chair Angus Woods told the same programme that at least 11 of the 28 EU countries would share Ireland's concerns.
"We need the minister to get out there to Brussels, meet his counterparts and push back severely on this," he said.
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