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In some sense, that is exactly what it is. Keep in mind that US' initial goal and the most ambitious one when joining TPP is to integrate supply-manufacturing-consumption chain around pacific region, hence why countries like Australia are involved for resource, countries like Malaysia and Vietnam are involved. Truth to be told, the economic aspect isn't all that different from the way old colonial empires are organized.
There are differences though. Courtesy to cold war, US could not brought as much military strength to bear on these countries as the old colonial powers, especially around Southeast Asia region where the presence of China prevent direct US military action against these nations. This means the TPP nations would enjoy a much higher degree of independence than the colonies.
It is also worth to note that under US' organization, the role Malaysia and Vietnam plays will be low-end manufacturing where middle and high end products from US and Japan will saturate Malaysian and Vietnamese market. It would be a good deal for US and even good for Vietnam in the short term, but it will make future transition from low to middle manufacturing almost impossible because Vietnamese/Malaysian native middle-to-high end manufacturing will have problem surviving the flood.
actually, Malaysia is high middle income economics right now and they are never depending on exporting of low end manufacture products to generate their GDP like Chinese (in the past) and Vietnam (currently) do. Malaysia instead rely heavily on commodity sector and differentiate their economics source into middle and high manufacturing products like Chips, electronics, automotive and third tier of Palm oil, oil and rubber products.