A deal struck in Geneva between the 147 member countries of the World Trade Organisation has been hailed as a major step forward in liberalising world trade.
The deal means that all forms of agricultural export subsidies should eventually be abolished.
Billions of euro in subsidies paid to farmers in the European Union and in the United States would be substantially reduced.
In exchange, developing nations will have to make their tariffs on manufactured goods more transparent.
The Minister for Agriculture and Food, Joe Walsh, welcomed the deal saying it copperfastens the benefits to Irish farmers of the recently negotiated reform of the Common Agricultural Policy.
Mr Walsh said the agreement also protects the essential interests of Irish agriculture in the EU domestic market.
However, the Irish Farmers Association said that any concessions made by Ireland relating to the elimination of export refunds must be matched by others.
The IFA President, John Dillon said he did not believe that at this stage, there was enough transparency relating to the intentions of other countries.
