Non-tariff barriers such as increased administrative and customs’ requirements or costs associated with setting up new logistics and trade-processing systems also pose substantial costs to importers and exporters5. Many of these existing, extensive free trade agreements between the EU and its trading partners, often referred to as “New Generation” free trade agreements, have also targeted these additional barriers to trade.
Ultimately, when compared with current trading arrangements and the achievements of the Single Market, any Free Trade Agreement could still represent a substantial loss of market access.