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."