The agreement will put to world leaders on September 19th
Negotiations led by Ireland at the United Nations to agree a new global approach to addressing the issues facing refugees and migrants have been completed.
Foreign Affairs Minister Charlie Flanagan has welcomed the draft deal.
The negotiations among the UN's 193 member states were co-chaired by Ireland's Ambassador to the UN in New York over the past five months.
The Government says the agreement has a strong human rights focus, with clear undertakings by UN member states to protect the human rights of all refugees and migrants, regardless of status.
"This is a critically important and timely agreement," Mr Flanagan said.
"For the first time ever, the 193 member states of the UN have come together to comprehensively address this a global crisis, which requires global solutions."
"It will involve shared responsibility for actions aimed at saving lives and the provision of vital policy support and humanitarian and developmental assistance for those involved."
"I congratulate Ambassador David Donoghue, Ireland's Permanent Representative to the UN, and his team in New York on this outstanding success," he added.
In February, the President of the UN General Assembly appointed Ireland's Ambassador David Donoghue, and his Jordanian counterpart, to lead negotiations on an outcome document and organisational details for a summit of world leaders to be held in New York on September 19th.
The successful draft declaration will be put forward for formal adoption at the meeting.
The draft contains a wide range of detailed policy commitments, seeking to ensure a more humane, dignified and compassionate response by the international community to the plight of refugees and migrants - and the issues that affect them.