European ministers are meeting today to discuss how to respond to the collapse of the latest round of world trade talks in Geneva last night.
The discussions, which have been ongoing for seven years, broke down again due to a row between the US, India and China.
The US has accused the two emerging economies of unjustifiably refusing to open their markets to cheap food imports.
The response to the situation has been mixed in Ireland, with farmers welcoming the collapse, saying it is good news for Irish and European agriculture.
The Government and the business group IBEC, however, have expressed disappointment at the failure to reach a deal.
Speaking from Geneva last night, Junior Trade Minister John McGuinness said a new way forward would have to be found at EU level, while IBEC said the collapse would create an uncertain foreign trading environment for Irish firms.