Analysis On The Developing Trend Of Economic Integration In East Asia

Compared with EU and NAFTA, the economic integration in East Asia is considered to be relatively slower. But according to the statistics, recently the ratio of regional trade in East Asian region has amounted to 53.3%, which is close to 60% of regional trade in EU. It can be considered that the regional economic integration is the engine of Asian economic development, the economic cooperation in East Asia is also the important way to raise the economic development level of this area. The economic cooperation in East Asia is only sustained by the business community, namely, is market-driven cooperation. And therewith coordinated system forming of FTA and investment agreement is very much lacking. But the World Trade Organization already provided the more complete background frame for the economic integration in entire East Asia, the Asian Pacific Economic Cooperation also has pave the way to establish the closer trade system relations for East Asia with outside. However as the country involved to be numerous with complex history and political relation, the economic integration in East Asia can be a very difficult problem. A diploma describe the final goal towards the East Asian economic community as "vainly hoped for that Arcadia"—earnestly seeks but quite difficult. Many scholars conceived many ways, but each seems cannot breaks through and walked with difficulty.Fortunately, China - ASEAN Free Trade Area with good exemplary has initiated the chain effect of bilateral or multilateral cooperation in East Asia area. Such as bilateral cooperation among ASEAN and Chinese, Japanese and South Korean as a whole (10+3), cooperation between bilateral cooperation of ASEAN separately with the Chinese, Japanese and South Korean (10+1); Recently, the discussions about medium-term objectives related with the "10+3" blueprint have been being carried out warmly and extensively, one side holds that necessary measures should be taken to actively promote the establishment of free trade zone among China, Japan and South Korea , while the other side assumes that the three "10+1" models should be improved Faced with this complex economic integration trend, the author believes that it is necessary to bring into better balance the relations of thought and realistic choice of East Asian regional cooperation and the most feasible way to choose. Based on the analysis of this paper that: in the current, three "10 +1" models in course to the East Asia Free Trade Area is more operable. Consequently, this will also lay a solid foundation for advancing East Asian regional economic cooperation to a higher level and, ultimately, completely changing the underdeveloped scenario of regional economic cooperation in Asia.