Mr. Pat Ivory:

When I studied economics and econometrics and completed my PhD, I found tariffs were a way of protecting a market, not a revenue-raising measure like other taxes. To eliminate tariffs is not a negative. If one's market is fit to be opened and one can trade without protection, tariffs should be eliminated. A number of members raised the issue of regulation and deregulation. This agreement is not about deregulation but about closer co-operation and alignment of regulation. It is not about lowering standards, deregulating markets or eliminating the European Medicines Agency, EMA, or the US Food and Drug Administration, FDA. Those agencies will continue to exist and apply standards.