Prime Minister Theresa May said:
Today in detailed discussions the Cabinet has agreed our collective position for the future of our negotiations with the EU.
Our proposal will create a UK - EU free trade area which establishes a common rule book for industrial goods and agricultural products. This maintains high standards in these areas, but we will also ensure that no new changes in the future take place without the approval of our Parliament.
As a result, we avoid friction in terms of trade, which protects jobs and livelihoods, as well as meeting our commitments in Northern Ireland.
We have also agreed a new business-friendly customs model with freedom to strike new trade deals around the world.
Next week we will be publishing a white paper which will set out more details of how we will be taking back control of our money, laws and borders.
Now we must all move at pace to negotiate our proposal with the EU to deliver the prosperous and secure future all our people deserve.