"But, in a no-deal scenario, we can't control the EU's response to United Kingdom goods going the other way".
Opponents of Brexit fear that leaving the bloc will weaken what remains of Britain's global influence, further undermine its reputation as a haven for investment and hurt the economy for years to come.
"We discussed the latest progress our teams have made on the withdrawal agreement and the framework for the future relationship", Raab said, according to his office.
It also confirmed the likelihood of parallel competition and merger investigations in a "no deal" Brexit scenario.
The DUP's Brexit spokesperson has accused Sinn Fein MEP Martina Anderson of "whinging" about government warnings over the possible need for worldwide driving permits in the event of a no-deal Brexit. "The UK's voluntary notification regime will remain".
The UK is set to leave the European Union on 29 March 2019 at 11pm local time and politicians from both sides are scrambling to strike a formalised deal covering crucial issues including trade, migration and border control.
Still, there's not really time to negotiate the UK's exit of the European Union now either, so maybe everyone will eventually decide that some sort of extension is required whatever their preferred outcome of all this might be.
"We will be working closely with the Government and other European operators to try and protect the current arrangements so our customers can continue to enjoy free EU roaming once Britain officially leaves the EU".
Raab said that he had "no doubt the uncertainty around the negotiations will have an impact on business" but insisted the overall news for the economy this week was "positive".
"Unhelpfully though unsurprisingly, the paper avoids reference to any role for historic or future Court of Justice of the EU (CJEU) jurisprudence in terms of interpreting United Kingdom competition law in the future, other than stating that the "CMA and United Kingdom courts will no longer be bound to follow future CJEU case law", he said.
Carney said he would not be able to cut interest rates in such a scenario whilst finance minister Philip Hammond warned that he would not be able to use tax cuts to boost the economy due to the hit to the public finances, the paper said.
Speaking in Dublin on Friday, Mr Carney said the Bank had used its "stress test" to ensure United Kingdom banks could continue to function in the event of a "disorderly" Brexit.