b'To restate, the UK is a world leaderperhapspredominantly goods. In its present form, the world leaderin services. But, the EUsdespite its inception as long ago as 1986, the Single Market does not properly encompassEU Single Market does very little for the UKs services, although it may well be a net benefitimportant, vibrant trade in services.to other member states whose exports are 8. How does NAFTA/USMCA approach regulations?You can have a free trade area that does not rely on an imposed system of harmonised regulations. NAFTA/USMCA, unlike the EU, is based on adhering to the regulations of each of its members; this is known as Mutual Recognition. Since the formation of the WTO in 1995, countries have worked to reduce technical barriers to trade without imposing a forced system of harmonisation.8.1. What is harmonisation and mutual recognition? Harmonisation brings about regulatorythe productmeets the relevant technical uniformity by taking two or more differingstandards and requirements. In laymens standards and converting them into one.terms, a Mutual Recognition Agreement This has been the approach of the EU andsimply ignores the means as long as they has been an importantbut not whollyachieve a similar end. successfulcomponent of the Single Market. All member states have to agree onThe EU does not reject MRAs in principle; the method to create the final product.Mutual Recognition Agreements have been negotiated between the EU Contrastingly, a Mutual Recognitionand the US in telecommunications, Agreement (MRA) is an agreement inelectromagnetic compatibility,electrical which the parties recognise one anotherssafety, pharmaceutical goods, manufacturing conformity assessments. Conformitypractices and medical devices.30assessments are the mechanisms by which 133'