The recent Trans-Pacific Partnership Agreement presents Asia with good, bad and ugly scenarios.

Had the TPP failed, that would have been a severe blow to the credibility of the United Sates in Asia. And yet, it excludes Asia's largest economies - China, Indonesia and India.

In Washington, the TPP has been praised as a triumph for the Obama administration. However, it still faces a tough battle with a divided Congress, amid presidential primaries, is now opposed by leading Democratic candidate Hillary Clinton - and needs the approval of 11 other TPP members' legislative bodies.