Business groups north and south of the border have welcomed the agreement in principle that has been reached between the EU and UK on changes to the Northern Ireland protocol.
Employers' organisation Ibec said it was a positive development for relations between the two sides and the all-island economy.
"As economic challenges continue to impact business sentiment, today’s announcement will bring much needed certainty for businesses across the all-island economy," said Ibec chief executive, Danny McCoy.
"It must now be supported through close collaboration between business and government in Northern Ireland, Ireland, Britain and the European Union."
Mr McCoy added that it is imperative that today’s announcement sustains the stability that has delivered two decades of investment and growth across the island of Ireland.
"It also affords a fresh opportunity to re-establish political stability in Northern Ireland," he said.
His comments were echoed by Retail Northern Ireland which said that on an initial analysis, the deal represents welcome progress towards providing the stability and certainty that its retail, wholesale and supplier members are seeking.
"The technical detail of this agreement will need to be studied further and, following consultation with our membership, we will be able to comment more definitively," said Glyn Roberts, Retail NI chief executive.
"In the interim, what is blatantly evident, is that the agreement needs to work, not just for all the businesses in our local supply chain, but also for local consumers."
Mr Roberts added that it is imperative that the NI Executive and Assembly are now restored to deal with the huge economic challenges that lie ahead.
Manufacturing Northern Ireland said that while agreement is welcome, ongoing engagement is needed.
"While we do not doubt that many issues will have been resolved, others may remain and/or arise in future, so we would encourage the UK and EU to continue with a constructive, solutions-focussed approach as businesses adjust to the new arrangement," it said.
Londonderry Chamber President, Selina Horshi, said it has been a turbulent period for businesses and clarity is now welcome.
"We are hopeful that this new agreement will further smooth trade for local businesses, iron out any of the problems for traders, and bolster our unique market position which guarantees this part of the world access to the European and British markets," she said.
"However, above all, we are hopeful that this deal now paves the way for the full and speedy return of the Executive and Assembly at Stormont."
Meanwhile, the Irish Farmers Association (IFA) said it is much better to have a negotiated outcome rather than having to resort to unilateral measures.
"There is already significant co-operation between the farming sectors North and South on the island," said IFA President, Tim Cullinan.
"Approximately one third of our food exports still go to the UK, so having rules-based trade that preserves the integrity of the Single Market is extremely important for Irish farming."
The UK’s Federation of Small Businesses said the agreement is an important step in securing the stability and certainty that businesses have been seeking.
"But we also really need some form of 'Service Level Agreement’ that ensures any difficulties that arise in the future are dealt with as a matter of priority, unrelated to any other distractions that might be around at that time," said the organisation’s Northern Ireland policy chair, Alan Lowry.
