Rejoining the Trans-Pacific Partnership would boost trade in Southeast Asia, counter China and help show the world the US is back.
The new TPP means fewer barriers for Australian exports, but there a number of loose ends – not least if the United States decides to rejoin.
Negotiators from 11 countries have been racing to resurrect the near-dead Trans-Pacific Partnership Agreement before the Asia-Pacific Economic Cooperation (APEC) summit this weekend.
The TPP should still bring enough benefits for the remaining countries to make it worthwhile to go through the trouble of enacting it.
A key strategy for President-elect Trump is to turn the US inward, both economically and politically. This bodes badly for Africa.
Australia should look to India rather than the US Congress to secure its next regional trade win.
Sourness and rancour have marked trade relations between Australia and the European Union. But a trade deal could change that.
Before the last round of negotiations, only a handful of issues remained in the way of concluding the TPP. A potential deal-breaker for Australia was intellectual property protections for biologics.