Brexit: What is a future UK-EU trade deal? - RBS

According to the analysts at The Royal Bank of Scotland, the product of Brexit negotiations is a political declaration outlining the framework for the future trading relationship, which suggests that both sides are open to a deal to allow free trade in all goods, with no tariffs and minimal customs checks. 

Key Quotes

“Many, but not all, service sectors could also be covered by a free trade agreement. But partial coverage of service sectors and arrangements allowing either side to impose restrictions based on their own interest will mean that market access is less complete in future.”

“The biggest stumbling block on the road ahead is that an agreement on frictionless trade looks possible only if the UK accepts the need for regulatory alignment and signs-up to ‘level playing field’ provisions that would inevitably impinge on national sovereignty over tax, competition and employment policy. Oh, and don’t mention fisheries access, which looks set to be a bone of contention on both sides.”