Gotta say, I think it’s an unfair clause if it doesn’t apply both ways. The reason it’s unpalatable to the EU to give the UK power to set standards is exactly the same reason why is also unpalatable in reverse. Either you allow both parties to have control over the other equally or you allow neither to have it.If EU minimum standards rise, then UK standards will rise (to avoid consequences). However, it won't work the other way. UK standards can go as high as they like, but EU countries won't have to follow suit. It has to be that way, because otherwise the EU would be giving the UK a power to single-handedly determine EU policy that the EU's own member states don't have.
So, it's a one-way ratchet. Like a one-way street, but confusing.