Abstract
In the fractious politics of trade, a recent, supportive C.D. Howe Institute report on Canada's stake in the Trans-Pacific Partnership made a welcome contribution. For Canada and its 11 partners, the TPP promises market-oriented rules for industries unknown two decades ago and a stronger gateway to the Asia-Pacific, the world's fastest-growing region.
But even that positive study understates the benefits of the agreement. The study does not discuss geopolitical gains, which may be the TPP's most important contribution – as eight former U.S. secretaries of defence pointed out recently. The TPP will strengthen links across the Pacific and reinvigorate a rules-based approach to global trade. Some have argued that it will set rules so China doesn't, but the real risk is a drift toward anarchy without any solid rules.