Shanker Singham writes for The Telegraph
First, ministers have agreed a free trade area for goods, including agri-food, which will require not just regulatory alignment, but a commitment “by treaty to harmonisation of EU rules on goods”, now and into the future. There is an inconsistency in the text. Alongside the specific reference to harmonisation, there is also a reference to a “common rule-book” between the UK and the EU, with parliamentary oversight and a right not to incorporate any rule, accepting that this will have consequences in terms of loss of EU market access.
These are very different things. If the text really means the latter, this is not inconsistent with a very advanced trade agreement and could permit the UK to have an independent trade policy. There would be a common rulebook which mitigates trade frictions, overseen by a joint committee (not the European Court of Justice).
But if it is the former, then it would make it nigh on impossible for the UK to sign independent trade deals.
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Further IEA research: No Need To Queue: The Benefits of Free Trade Without Trade Agreements