The region’s Chamber of Commerce said the agreement which will link carbon markets to help firms avoid additional costs when trading steel and cement will be welcomed.
The Government estimates it will save £800 million in taxes and shield British steel from EU tariffs.
Under the deal, most routine border checks on animal and plant shipments to and from the EU will also be dropped.
Sarah Moorhouse, chief executive of the Black Country Chamber of Commerce, said:
"This deal is good news for Black Country businesses that have been battling red tape since Brexit.
"The carbon market alignment could make a real difference to more than 3,000 of the region’s energy intensive businesses.
"And for our food manufacturers, the scrapping of most border checks on animal and plant shipments is a massive win. Being able to sell raw burgers and sausages to the EU again opens doors that have been firmly shut since we left.”
"Coming hot on the heels of the US trade deal, which slashed tariffs for our automotive and steel sectors, we're finally seeing some positive movement on international trade. What our members need now is the detail, and we'll be making sure they get it. And they need support, which is why we have a dedicated team here at the Chamber providing that support.”
The agreement also opens the door to talks about the UK buying and selling electricity directly with the EU's shared electricity market, though this would require following EU rules.
“For the Black Country, which has one of the UK's highest concentrations of manufacturing businesses, these measures could help protect jobs and boost competitiveness at a time when many firms are facing economic challenges,” added Sarah.
The next opportunity to see how the region is faring economically will be at the Chamber’s Quarterly Economic Survey Data Reveal event on July 3.
Sarah added: “This event is open to all Black Country businesses, whether members of the Chamber or not. It’s always a great chance to not only hear how the region is faring, but also talk to other businesses about challenges they’re facing. With so much changing currently, we’d urge businesses to come and speak to our team – we are here to support.
Book here for the event which runs from 10.30am- 12pm on July 3 at the Mercure Birmingham West, West Bromwich.