Introduction

The second unbundling of globalisation and global value chains have been producing changes that alter international relations, especially in the economic dimension. With the international fragmentation of production, competitiveness is increasingly determined at the level of sub-stage activities, rather than the whole production processes. Mega free trade agreements aim for high global standards in disciplining international trade and investment. For the member states, it is necessary to clarify the content of domestic legal reforms that will have to be conducted once the agreement has been implemented, while those countries that have expressed an interest in or the intention to accede to the partnership are bound to accept the obligations already set out. International capital flows and investment have deep implications for 21st century trade. For that reason, the Trans-Pacific Partnership provides for a higher degree of openness and a wide range of rules for streamlining international trade and investment amongst the parties.