A new report suggests that Irish agricultural income could decline by 11% by 2015 as a result of world trade reforms.
This represents a reduction in revenues in excess of €200m per annum.
Changes in world trade policy may also lead to a significant drop in Irish agricultural exports.
The report indicates that in practical terms, the elimination of export subsidies could mean a virtual end to exports of particular agricultural commodities from the EU in less than ten years.
The report was conducted by economists from Teagasc's Rural Economy Research Centre (RERC) and the Food and Agricultural Policy Research Institute.
In addition, the current World Trade Organization negotiations could provide for a reduction of import tariffs which would further open up markets for agricultural goods to international competitors.
The talks have yet to conclude, but agreement could impact on key Irish agricultural sectors such as dairy, beef and sheep.
The dairy and beef sectors could see a dramatic reduction in exports to countries outside of the EU, making markets in the UK and continental EU increasingly important for these Irish food products.
The value of Ireland's beef output may decline by up to 13% by 2015, if the final WTO agreement is similar to the High WTO scenario analysed.
Butter, cheese and skim milk powder prices are all predicted to fall over this period.
The output from the Irish sheep sector could decline by 23% in value terms.
