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Scoobes said:

But we're already one of the least regulated countries in the EU. And that doesn't cover his point on the fact we'd still be subject to numerous EU regulations if we wanted to trade with them anyway. 

I also don't get why we supposedly have such a tough time with trade outside the EU yet Germany is more than capable of getting trade with China and the US. 

But those regulations would only apply to your trade with the EU, rather than to all of your business.

The advantage there is that it gives you the power to actually weigh differences between trading partners and see if one version works out cheaper than the other, in a way that you otherwise can't.

So you'll have the cost of meeting those regulations VS the price saved by better negotiation power. That balance will likely change from country to country and also business to business.