“An important step forward for business” is how the British Irish Chamber of Commerce welcomed the political declaration that will outline the framework for the future UK-EU relationship. 

Director general John McGrane said “This text demonstrates clear intent from both sides to have a lasting and close trading relationship that will be deeper than any previously negotiated EU deal.

“The future partnership will cover free trade in goods; ambitious market access for services and investment; financial services; digital; intellectual property and public procurement; mobility; transport; energy; fishing; and open and fair competition, all measures that are hugely important for the business and trade that operates between these islands.

Data transfers

“It also includes provisions for data transfers to continue between the UK and EU beyond Brexit; for future UK participation in EU programmes such as those covering science and innovation; and for regulatory co-operation in sectors such as aviation and pharma.

“The Declaration is the final piece in the withdrawal puzzle and means that the European Council will be able to sign off on both texts this Sunday.

"While there is much detail left to be filled in, it provides a foundation from which a comprehensive future trade relationship can be built that will limit frictions on future trade.

The British Irish Chamber of Commerce is a private sector trade organisation, founded in 2011 to represent businesses and employers with interests in the two islands of Great Britain and Ireland. 

400,000 jobs

The trade between Ireland, Northern Ireland, Scotland, Wales and England is worth €1.2 billion a week or €65 billion a year and it supports 400,000 jobs, about evenly between the two islands.