Abstract
The terrain of the world trading system is shifting, with meganegotiations now under way among 12 countries in the Asia-Pacific for the Trans-Pacific Partnership (TPP), 16 countries in Asia for the Regional Comprehensive Eco nomic Partnership (RCEP), between the European Union and the United States for the Transatlantic Trade and Investment Partnership (TTIP), and between the European Union and Japan. Economies producing nearly 80 percent of world GDP are engaged in one or more of these initiatives.