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Simply network architecture, yet in the post shows over 9 steps and takes 13 paragraphs to explain.

Does this solve the problem of referencing security groups ids across regions using VPC Peering?

An issue that I’ve been dealing with lately is spinning up new test environments, and then whitelisting the public ip addresses in various 3rd party systems.

Will this allow me to setup a single elastic ip associated with the transit gateway, and route all external requests from my applications in various VPCs through it?

From what I can tell, yes.
There goes the bread and butter use case of Cisco (plugin any network vendor) in AWS. We had a complex setup involving Cisco CSR1000 series routers just because vpcs cannot do transit peering.

AWS is really eating into the business of its vendor ecosystem.