The Trans-Pacific Partnership, a free trade agreement under negotiation among the U.S. and 11 other countries, would have an enormous impact on world trade and would advance U.S. foreign policy interests. However, several modifications are needed if this agreement is to be a good template. Negotiators should ensure that the rules which are designed to promote international investment do not weaken regulators’ ability to promote the public welfare. It is crucial that the rules on intellectual property protection do not result in more costly pharmaceuticals. And most importantly, negotiators need to address currency manipulation.