No. That's exactly how it's going to work in real life: The weaker parties (countries) will get sucked through legalize gibberish and the local governments will have no power over some corporation. So instead of serving the public good, they will have to serve some corp. This is not the reason they were elected though - I see this happening as we speak and it's not going to stop in my country, unfortunately. The TPP is just a trojan horse, nothing more.
This is going to be exactly like the UN: It will work when the stronger parties want it to work (US, China, Russia, etc.) and will not work when choose to bypass it without excuses.