Generally, the significance of the TPP should not be underestimated. Accounting for over 50% of world trade and 36% of global GDP, it is the largest breakthrough in multilateral trade negotiations since the Uruguay round of the WTO. Its sheer size will amplify the benefits associated with a liberalization of trade among its member economies, and will encourage the creation of regional supply chains across the Pacific, which will in turn help drive improvements in productivity and trade flows.

As the chapters on IP and Foreign Investment demonstrate, the TPP has sought to transfer many of the modern and robust standards already extant in bilateral agreements into a multilateral framework. With the Doha Round of WTO negotiations atrophied, this means that the TPP will likely serve as the basis for any further multilateral liberalization agreements, such as the Free Trade Area of the Asia Pacific (FTAAP).

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