Minister for Trade and Commerce Michael Ahern said he was disappointed by the suspension of the WTO trade negotiations and hoped they could resume as soon as possible.
He insisted the European Union had made "very substantial" offers on all issues under negotiation and could not have gone any further.
"It is particularly unfortunate that the very real benefits that could have been achieved in the interests of the developing world will not now be delivered," Mr Ahern said.
He also reiterated the Government's strong support for a "balanced and ambitious" agreement that took into account the interests of all participants.
A well regulated global trading environment, with a strong WTO, was in everybody's interest, he said.
Employers' group IBEC said the suspension was "a matter of serious concern" for an economy that relies heavily on trade.
Its director of trade policy, Pat Ivory, said a long suspension would result in "huge uncertainty" on world markets and would not be in the interests of developed or developing countries.
"IBEC calls on all the parties concerned to get back around the table as quickly as possible to reach a balanced agreement, as failure to do so could result in an escalation of trade dispute cases at the WTO," said Mr Ivory.
"The EU has done more than play its part in keeping the WTO talks alive, but there is a continuing unwillingness by the US to reduce its own domestic farm supports.
"Large emerging developing countries such as India and Brazil have also been slow to play their part by agreeing to open up their markets for food and industrial products," he said.
However, the Irish Farmers' Association (IFA) said the suspension brought a halt to "the sell-out of European farmers".
IFA President Padraig Walshe called on EU Trade Commissioner Peter Mandelson to "stand up to" the US, which he said wanted to shift the blame onto the EU.
"It has been obvious for many months that the US had no intention of making any concessions that would affect their own farmers," he added.
Similarly, the Irish Cattle and Sheep Farmers' Association (ICSA) saw the suspension as a "welcome reprieve" for Irish farmers.
"The deal was always going to be bad news for Irish farmers. The USA tried to bully the EU into submission on tariffs and failed, while giving nothing in return," said its president, Malcolm Thompson.
