My verdict on the Economists for Free Trade Report - A World Trade Deal: The Complete Guide.
Not credible.
If you want to push me I can go further.
Not remotely credible.
Not remotely a complete guide either.
Nonetheless, let's have a little fun. 1/
economistsforfreetrade.com/wp-content/upl…
Not credible.
If you want to push me I can go further.
Not remotely credible.
Not remotely a complete guide either.
Nonetheless, let's have a little fun. 1/
economistsforfreetrade.com/wp-content/upl…
Let's start with the name. A World Trade Deal. Impressive sounding. But it actually means no deal, as we simply accept WTO rules. 2/ 
Now remember, this is the 'Complete Guide'. That sadly also turns out not to be quite true. For example Chequers "may" be illegal under WTO rules. I'd expect a little more detail if this really was the complete guide 3/
Now some people are worried that we aren't WTO Members. We are. And that it might be a problem that several countries want to object to our quotas. More of a problem, but not to the Economists for Free Trade 4/
Now this is important and true, but also misleading. The EU has few trade agreements with other major trade powers. True, but US and China also have none, Japan and India have one with each other. 5/
Mutual Recognition Agreements are according to the report not very relevant, which might be news for those business that rely on them 6/
These 2 paragraphs on Mutual Recognition Agreements with the EU are nonsense. The second in particular is invention, the first, it doesn't matter that we start aligned, the issue is will we stay aligned (and more on this later) 7/
You can have too much of a good thing, so not doing every point. But here we go with oranges and bananas, where lower tariffs would be entirely beneficial. Except presumably to the developing countries who currently have preferences here. 8/
Nicely phrased question. An alternative might be "Do all countries outside the EU have border checks?" to which the answer is yes. Later they cite "an opportunity" to develop a frictionless border. Not there yet though 9/
Two paragraphs of meaningless waffle. The EU has a way of testing animal products / other food products. That's what we'll get outside the EU. That's consistent with all this WTO verbiage. 10/
No Withdrawal Agreement, no backstop, would make negotiating an FTA easier. Even though the EU won't negotiate an FTA without such a backstop. So also nonsense 11/
Self-referencing. Those who have done modeling 'properly' i.e. them, with nonsensical assumptions about UK-EU borders find gains, I'm not sure what's happening to all those low paid jobs, and a random better regulation number. 12/
This one's fun, where they propose getting rid of all non-tariff barriers, which essentially is complete deregulation of all product standards (and might lead to a fairly hard border with the EU) and might be a problem politically 13/
This demonstrates no knowledge whatsoever of trade. The main reason for non-tariff barriers are differing regulations between countries. Somehow we're going to eliminate these (along with agriculture tariffs?) 14/
This bold assertion of prices falling is based on high agriculture prices (so we're getting rid of tariffs protecting our farmers - will look forward to that debate) and simply incorrect stuff on wine already debunked numerous times (excise the issue here) 15/
They appear never to have heard of global value chains, where exporters are also importers 16/
The report isn't joined up. Remember we're getting rid of product standards? Not a problem to manufacturing somehow. 17/
Forgive me if I think "it is said" is not a particularly solid point of reference 18/
Quite a confused section on farm incomes, but there is a point about using technology e.g. GM, which is going to be another problem for no border checks 19/
If we're being pedantic there isn't a UK single market for services either, given regional differences such as Scottish laws. There certainly isn't a US services single market. You certainly get better services access as members than not 20/
Skipping the no-deal stuff, this is simply wrong and has been debunked numerous times. 21/
That's enough for the time being. This World Trade Deal Complete Guide isn't in any way a serious document. Media should treat the report, and any MPs citing it approvingly, as having nothing useful to say on the subject of post-Brexit trade. 22/ ends
