External Relations Minister Ian Gorst said that the Council of Ministers are recommending that the Island does participate in the proposed accord, which will also need to be approved by the British and European parliaments.
And he confirmed that Guernsey, which has worked closely with Jersey during Brexit negotiations, will follow a similar course of action.
Senator Gorst said that Jersey signing up to the deal would enhance relations with both the UK and EU, and 'provide clarity' for its fisheries industry.
'In the first instance, participating will further strengthen and stabilise our historical relationship with the United Kingdom – which has existed for over 800 years – and illustrate a commitment to a future based on collaborative and constructive working,' he said.
'It will maintain, as closely as possible, the conditions of our current EU trading relationship. It will ensure that our goods, destined for the EU, are treated fairly, without tariffs and equal to those goods originating from the UK.
'And it will provide clarity for our fisheries industry. It ensures we can obtain the benefits of any future arrangements, both between the UK and the EU but also as the UK seeks new agreements with countries around the world.'
The minister confirmed that he is lodging a proposition which will see the States of Jersey convened on Sunday 27 December and asked to approve Jersey's participation in the new agreement.
'The decision of the Assembly will be of great significance in our Island’s history. I am confident that whatever the decision, Jersey will continue to grow and thrive,' he said.
'We have worked passionately and with determination since 2016. And I would like to commend the professionalism and dedication of our civil servants in preparing the Island for the outcome that we have reached today.
'We will continue to ensure that the best interests of our Island, our people, and our future are at heart of our work as we move into 2021 and beyond.'
Further detailed reports will follow in the JEP.