The biggest existing free trade block, the Trans-Pacific Partnership (TPP), which covers 40 percent of the global GDP and one-third of the world trade, was launched last October. Amidst hopes and skeptics, it poses economic opportunities and political and social challenges to participating members and non-participants, i.e., South Korea. In addition to removing traditional trade obstacles to an unprecedented level, the agreement goes much broader to embrace contentious issues, including the environment, intellectual property, and the investor-state dispute settlement. Also, as often is the case with Free Trade Agreements(FTAs), it has important US geopolitical objectives towards Asia. How would it affect the future economic and political landscapes in Asia? What potential impact would it have on poverty at the regional and individual scales, and what are the political implications, particularly for East and South East Asian countries? How costly would it be for the participating members to meet the standard stipulated in the agreement? By sharing unique but common experiences in Asia, our session aims to answer the above questions from distinct liberal perspectives.