Prime Minister David Cameron has secured the backing of all three main parties for the highly unusual move.
He said urgent action was needed to protect the public from "criminals and terrorists" after the European Court of Justice struck down existing powers.
But civil liberties campaigners have warned it will invade people's privacy.
Mr Cameron defended the move in a joint news conference with Deputy Prime Minister Nick Clegg, saying it was about maintaining existing capabilities - not introducing new snooping laws.
But it will make legally clear the requirements include companies based abroad, whose phone and internet services are used in the UK. A former senior diplomat will also be appointed to work with other nations to speed up the "lawful and justified" transfer of data across borders.
Mr Cameron also said he had reached an agreement with Labour leader Ed Miliband for a wider review of the surveillance powers needed by the security services, to report after the next election.
