Brazil in the Shadow of Mega-Regional Trade and Investment Standards: Beyond the Grand Debate, Pragmatic Responses

This paper addresses the impact of TPP-like policies on third countries, looking at the case of Brazil, one of the most important emerging economies. We argue that TPP-like agreements are a way to bypass resistance to neoliberal ordering in the WTO through the institution of alternative fora. We investigate whether this type of agreement -- or bilateral agreements with TPP-type standards -- could represent a threat to Brazil's state-led development mode and conclude they could significantly affect industrial policy, the role of state-owned enterprises, and foreign investment regulation while possibly also constraining Brazil's policy space in areas such as intellectual property and the digital economy. We review a series of pragmatic moves by Brazil as it seeks to carve out a new role in global economic space in a period of rapid change. This evolving approach, we contend, could allow Brazil to engage in the 21st century economy while preserving the core of its state-led development model.