The vision of the Prime Minister, Theresa May, agreed with the ministers in Checkers in July would mean a "common rules book" for goods.
In fact, it means staying in the single market, letting Britain obey the rules over which it has no voice and at the same time hampering its ability to do business around the world, warns the pro-Brexit Global Britain expert group. .
He says: "In addition, there is a risk of permanently blocking the United Kingdom in the most laborious, regulatory and lowest performing block in the world."
The report has a foreword by the former conservative trade secretary, Lord Lilley, who said: "It is an illusion that membership in the Single Market has been an irreplaceable advantage for British manufacturers.
"The most frightening aspect of Checkers is that it commits the United Kingdom to accept all future rules.
"However, Britain is particularly strong in emerging industries such as biotechnology, cutting-edge technology, artificial intelligence and genetic engineering, where no rules have yet been established.
"It would be an act of self-harm to allow those standards to be made by countries that lack such industries and often apply extreme versions of the precautionary principle that restrains new developments." The report also says that the single market is disadvantageous for Britain because it is so focused on the trade of goods in which the United Kingdom is relatively weak, compared to France and Germany, and does not facilitate trade in services, in which is strong.
The authors say that Britain should "shoot the ladies" and look for a Canada-style free trade agreement.
The director of Global Britain, Ewen Stewart, who co-wrote the report, added: "While the Ladies Plan uses words that sound innocuous as 'the common rules book' … it is not an association of equals .
"Checkers is the Single Market in everything but name and abandons any pretense of regaining control by reinstating the regulations, it does not deliver the result of the referendum and it breaks the promises of the Conservative and Labor manifesto.
"Membership in the Single Market has a net price of 10 billion pounds per year, but it places all companies under its rules, regardless of whether they are exporters or not."