6
PART
II:
ECONOMIC
PARTNERSHIP
I. O
BJECTIVES AND PRINCIPLES
16.
The Parties recognise that they have a particularly important
trading and investment
relationship, reflecting more than 45 years of economic integration during the United
Kingdom's membership of the Union, the sizes of the two economies and their geographic
proximity, which have led to complex and integrated supply chains.
17.
Against this backdrop, the Parties agree to develop an ambitious, wide-ranging and balanced
economic partnership. This partnership will be comprehensive, encompassing a Free Trade
Agreement, as well as wider sectoral cooperation where it is in the mutual interest of both
Parties. It will be underpinned by provisions ensuring
a level playing field for open and fair
competition, as set out in Section XIV of this Part. It should facilitate trade and investment
between the
Parties to the extent possible, while respecting the integrity of the Union's
Single Market and the Customs Union as well as the United Kingdom's internal market, and
recognising the development of an independent trade policy by the United Kingdom.
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