Responding to news that the UK and Japan have reached an agreement in principle on replacing the EU's trade deal, Allie Renison, Head of Europe and Trade Policy at the Institute of Directors, said:
"This is an important step both for continuity and for the UK striking out on its own.
"When it comes to countries where we already had preferential terms through the EU, it's essential the Government minds the gap and ensures that the transition from our current trading arrangements is as seamless as possible. Clearly on this it has been listening to business.
"Directors will be delighted to see that in some areas the UK and Japan have delivered even further liberalisation, and look forward to seeing the detail of the final trade deal once it has been concluded.
"We hope the spirit of both ambition and compromise will help land further continuity deals such as with Turkey and Canada, as well as an agreement with the EU, which is of utmost importance to IoD members.”