IBEC disappointed at collapse of WTO talks

IBEC has expressed disappointment following reports that WTO talks in Geneva had collapsed this evening.

IBEC's head of trade and international relations, Pat Ivory, said: "The failure of negotiators to reach a balanced trade deal is a significant blow to the global economy.

"The ability to trade on world markets is crucial to the success of the Irish economy and a good WTO deal would have created significant new opportunities for Irish exporters.

"As a small open economy, Irish business needs the certainty that international trade agreements provide into the future.

"The internationally traded areas of financial, computer and other business services support 296,000 high-quality jobs and account for €50bn worth of Irish exports.

"The absence of a new deal to liberalise trade in services will undoubtedly limit the ability of many Irish companies to expand into new and developing markets."