Mark Littlewood writes for The Times
What has been brought to the fore in recent days has been the key link between control over regulation and an ability to trade more effectively with the 93 per cent of people on Earth who don’t live in the EU.
Here, to all intents and purposes, the choice becomes binary — if you can’t control your own regulatory structures, you can’t hope to strike trade agreements with other jurisdictions. Because our trade policy has been under EU control, our government and civil service have lost the free-wheeling capitalist spirit needed to take advantage of free trade opportunities after Brexit.
Although tariffs remain a serious barrier to the efficient flow of goods and services across borders, the success of the World Trade Organisation has substantially reduced these blockages. The greater threat is a product in one market simply being illegal in another due to contradictions in regulatory standards. The principal task of a trade negotiation is to iron these out.
Read the full article here. (££)
Further IEA reading: No Need To Queue: The Benefits of Free Trade Without Trade Agreements