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The world's largest trade deal in recent decades may wind up creating high school-esque cliques on the international stage.

As the 12-nation Trans-Pacific Partnership (TPP) celebrates after sealing an agreement five years in the making, analysts are wondering whether the key losers from the deal, China and Europe, could join forces in retaliation. "The question, thus, is what should China and Europe do in front of a huge economic block like TPP?," remarked Alicia Garcia Herrero, chief Asia-Pacific economist at Natixis, in a report this week. "China and Europe may finally look at each other and find some commonalities that they were unaware of before."

Bitter feelings

Indeed, news of Monday's TPP deal may have left both economic heavyweights feeling slighted.

If anybody had a doubt that China was left out of the TPP on purpose, they need only refer to President Barack Obama's views for proof, Herrero said. In an official statement on Tuesday, the U.S. leader said "when more than 95 percent of our potential customers live outside our borders, we can't let countries like China write the rules of the global economy." Read More Tarnished Abenomics gets fresh ammunition from TPP

To be sure, Beijing was initially invited to join but policymakers were unwilling to comply with the strict international standards imposed, a factor that makes its participation unlikely in the near future. "Faced with strong growth headwinds, emerging Asian economies don't want their hands being tied up by the non-trade elements in the TPP package," explained BBVA economists in a note, referring to policies such as tighter protection of intellectual property rights. "These economies prefer to maintain political and macro stability while undergoing domestic structural rebalancing in the wake of a turbulent global financial environment," BBVA continued. Europe isn't likely to hop on board either seeing as it's already negotiating with Washington on another major trade pact, the Transatlantic Trade and Investment Partnership (TTIP), and because many of the TPP negotiation benchmarks reached by the U.S. won't be acceptable to European leaders, Herrero added.

Areas of co-operation