International regulation-formulation in cross-border data flow has already gradually become a new subject in the new-round bilateral and regional trade negotiations. United States spares no effort to promote free flow of cross-border data flow enhancing TPP to be the first free-trade agreement, characterized by mandatory power that can regulate cross-border data flow, to be included in the chapter of “Electronic Commerce”. Thus, a model can be provided for the reference of future trade negotiations. However, international regulation-formulation of cross-border data flow faces the obstacle of data-localization requirements of the countries, featuring that domestic measures require local storage of data and confine cross-border flow of data. In identifying the legitimate public policy objective and irrational trade constraints in the requirements of data localization, WTO rules and TPP agreements have some uncertainties and difficulties in application. The paper supposes that, in the background of global governance, the future path of international regulation-formulation in cross-border data flow may be set as follows: with the prerequisite of data classification, the parties negotiate and make a commitment as for classified data. And China should pay attention to new development of international regulation-formulation in cross-border data flow, perfect domestic regulations and actively strive for discourse power of international regulation-formulation in cross-border data flow.