Sinn Féin's ard comhairle has given the party a mandate to proceed with proposals for the restoration of power-sharing outlined in the St Andrews agreement in Scotland last month.
Sinn Féin chairwoman Mary Lou McDonald
Following a meeting of the executive in Dublin today, Sinn Fein president Gerry Adams confirmed the plans drawn up by the British and Irish governments would be backed by the party.
"Today's meeting has mandated the party leadership to follow the course set out at St. Andrews and we intend to do this in a very positive way," Mr Adams said in a statement.
If the Democratic Unionist Party (DUP), also backs the plans by the November 10th deadline, moves can be made towards restoration of the Northern Ireland Assembly.
If political parties have not signed up to the deal by Friday the British government has vowed to end self-government in Northern Ireland for good.
However, Sinn Fein warned there were still challenges to be overcome - chiefly the question of when the party would back the Police Service of Northern Ireland.
"We want to see democratically accountable civic policing and we will continue to work until we achieve this," the statement said.
The DUP has said the St. Andrews agreement is a significant advance on the Belfast Agreement and has been signalling that the time may have arrived to share power. The Northern Ireland Assembly was suspended in 2002.
Mr Adams urged for an early convening of the Programme for Government Committee, which was cancelled last month after DUP leader the Rev Ian Paisley failed to show up.
"We want to see that meeting called as quickly as possible," Mr Adams said. He declined to comment on the consultation process going on within the DUP. "That's entirely a matter for the DUP.
It would be impertinent and imprudent of me to try to make any judgment on that," he added. Mr Adams appealed to Mr Paisley to follow the spirit and the logic of his (Mr Paisley's) statement following the signing of the St Andrew's Agreement when he spoke of the future for Northern Ireland.
There is still no date for a special Ard Fheis to discuss the policing issue, Mr Adams said. The party president is due to travel to the US this week for a Friends of Sinn Fein event on Thursday evening.
Dublin MEP and party chairperson Mary Lou McDonald said yesterday there is a "huge responsibility" on all the parties and the two governments at this time.
"If we can bring about a situation where anti-Agreement unionists share power on the basis of equality with republicans it will be a huge achievement," she said.
"Events of the last two weeks show us how difficult all of this is going to be to achieve and how much work has still to be done."
Meanwhile, British chancellor Gordon Brown was urged today to radically rethink his approach to the Northern Ireland economy.
Ulster Unionist leader Sir Reg Empey said after a meeting with business leaders there was a feeling that Mr Brown's £50 billion package over 10 years for a future Stormont government was not radical enough to breathe new life into the province's economy.
Mr Empey said: "There is widespread disappointment in the business community with the Chancellor's package.
"The verdict of Northern Ireland's wealth creators on the Chancellor's failure to offer a new direction for the Northern Ireland economy must be heeded.
"My party colleagues and I outlined to business leaders and organisations the Ulster Unionist Party's view that the Chancellor's package unfortunately fails to signal the required strategic shift to promote a vibrant, competitive knowledge-based regional economy."
PA
Additional reporting: Reuters