That and it

"I would also say that we need to look very carefully at the terms of any trade relationship, because at the moment we are part of the single market, obviously. That has within it restrictions on state aid and state spending. That has pressures on it, through the European Union, to privatise rail, for example, and other services. I think we have to be quite careful about the powers we need as national governments." (The Guardian.)

Does both pronounsThat and it have its common antecedent, i.e. "the single market" in the passage above?