As somebody on the internet pointed out (I can't remember who): "So what?".
The UK is a Member State of the EU, which in turn has no formal free trade agreement with China or the USA (yet).
Those countries have their domestic rules, we/the EU have ours and things seem to work fairly well, don't they? The TTIP will almost certainly make things worse, so the absence of a formal free trade agreement is not really a problem.
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