Under the agreement, major political parties in Northern Ireland such as Sinn Fein and the DUP would form a coalition administration and the region would be given a high degree of autonomy by London, which is often referred to as a "devolved" system of government.
However, the Unionists are expected to back the Prime Minister in order to avoid Jeremy Corbyn's Labour Party gaining power.
'On reaching such an agreement we will make sure that the details of that are made public so that people can see exactly what that is based on.
Negotiations began after the Tories failed to win an outright majority in the general election and needed DUP support for a minority government.
The queen carried with her royal duties at the ceremonial opening of the new Parliament despite the announcement that her husband, Prince Philip, has been hospitalized.
It was confirmed yesterday that plans to introduce means-testing for free school meals in England and Wales will be abandoned, with other unpopular proposals in the Conservative election manifesto set to be ditched.
Varadkar, at a news conference with May in Downing Street, said both the British and Irish governments needed to be impartial actors in relation to Northern Ireland's power-sharing arrangements, which are now stalled.
"First, we need to get Brexit right".
At the heart of the PM's plans is the Repeal Bill which will transfer European Union laws on to the United Kingdom statute book once Britain leaves the European Union in March 2019.
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He said party colleagues had "listened very carefully to what the government have said in the Queen's Speech" and "we like a lot of what they've said".
"In the past, one would have thought this could have been done in a matter of hours or a few days, but clearly that hasn't been possible", he said.
The Democratic Unionist Party (DUP) has indicated it might pull out of a potential deal with the Conservatives if the party is "taken for granted".
Talks between the DUP and the Government "haven't proceeded in a way that DUP would have expected", sources have told Sky News.
One is reported to have complained that the group had "been surprised at the [low] level of negotiating experience" in Downing Street.
But opposition parties have said it is a way of avoiding the government being voted down in a Queen's Speech next year when talks in Brussels get tough ahead of Britain's expected European Union exit in March 2019.
This morning Cabinet minister Chris Grayling says the Tories have plenty of time to get the DUP's support, with the vote on the Queens' Speech not until next week. "We want to reach an agreement".
"We want to see an Executive in place which is dealing with health, education, housing, the economy and delivering for all citizens because that is what people are entitled to".
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