Ben Digby, CBI Director of International Trade and Investment, said:
“For many firms, confirmation that trade deals with Japan and Turkey will not be rolled over will come as an unwelcome surprise. Many companies are unaware it is not just their relationships with EU customers at risk from a no deal Brexit, but those across the globe.
“Individual businesses trading with markets outside the EU would face tariffs worth millions of pounds being slapped on them instantaneously. In total, UK trade deals through the EU span five continents and are vital for the smooth export of our goods and services.
“The risk to these agreements is yet another reason why no deal is not an option for the UK and jeopardises jobs in our communities.
“It is vital no deal is taken off the table to unlock transition, allowing the UK to remain part of these deals and provide space to agree new arrangements.
“Most importantly, compromise must be shown on both sides of the Channel and politicians must work quickly to come to a deal.”