Failure in multi-country trade talks used to be unthinkable. Negotiators would be in grim deadlock until the last minute, when they would cobble something together because failure seemed worse for the world than an empty deal.
That view disappeared during the Doha Round of negotiations under the World Trade Organisation about 10 years ago. After Doha fizzled, failure became all too possible for negotiations that were similarly ambitious in the range of issues they tackled.
For that reason alone, the agreement reached early yesterday by the 12 countries of the Trans-Pacific Partnership is notable. The details have yet to be fully disclosed and doubtless will provide plenty of debate, but the outcome in Atlanta should not be underestimated.
It has settled on some principles and conventions covering everything from trade in goods and services to international copyright and investment. These are now likely to become the benchmark for commercial law worldwide.
Europe is bound to want to revive its discussions of a Trans-Atlantic Partnership with the US to match the TPP, and pressure will come back on the WTO from countries that feel excluded from pacts of the prosperous.