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Treaty of Lisbon (No. 4)

I will come on to the cost of regulation later. Of course there has to be an arbiter, because there will obviously be disputes. That applies to all international organisations. I am sure that the hon. Gentleman, who is a global liberal in an economic sense, will accept that the World Trade Organisation has to liberalise trade. It has dispute panels, and bodies comparable to the European Court of Justice that make rulings in much the same way as the ECJ does. That is the only way in which trade can proceed.