This is because the three countries are by far among the very few countries in the world that have not joined any regional trade bloc. However, whether the East Asian region can truly form a regional trade bloc that can compete with Europe and America depends very much on how economic cooperation will develop among China, Japan and Korea.
#Techno blocs free
The Association of South East Asian Nations (ASEAN) plans to establish a free trade area comprising 10 member countries, and Singapore has reached agreement with Japan on a bilateral economic partnership in the new era (JSEPA). In the face of the challenges from external regionalism, the countries in East Asia are also seeking various forms of regional economic cooperation. And with the promotion of the eastward expansion of the European Union and the plan to establish the Free Trade Area of America (FTAA), it is highly possible that in the next 10 years, world trade will be dominated by the two trade blocs. The European Union (EU) and the North American Free Trade Agreement (NAFTA) are by far the two major regional trade blocs that have the greatest impact on the world economy. Even when they are still unsure about the gains that might arise from regional trade agreements, these countries do not want to miss any chances to participate in neighboring regional trade agreements for fear of being "marginalized" or being harmed by the effect of trade diversion. Despite the above arguments, the fact that regionalism is spreading across the globe indicates that countries, proceeding from their own practical interests or political interests, are still seeking to establish bilateral or multilateral regional trade agreements so as to acquire larger markets and higher efficiency. Some scholars believe that regional trade blocs are the "stumbling blocks" to global trade liberalization, while others regard them as the "foundation stones" for building a global framework of non-discriminatory trade liberalization. The economic community is drastically divided over the pros and cons of regional economic grouping. They cover wider areas, including service trade and investment, and even contain more contents than those covered by the WTO multilateral negotiations. Some new regional trade agreements have gone beyond the limits of traditional goods trade. The internal trade within the framework of regional trade agreements has accounted for more than 50 percent of the world’s total trade. Most of the members of the World Trade Organization joined at least one bilateral or multilateral free trade agreement.
The number of regional trade agreements (RTA) increased visibly.
Since the beginning of the 1990s, a new wave of regional economic integration swept across the globe. China, Japan and Korea are Faced with the Challenges of Worldwide Regional Economic Grouping. The following is a preliminary report on the analysis of the economic cooperation among the three countries. This research work received the strong support from the Ministry of Foreign Affairs, the Ministry of Foreign Trade and Economic Cooperation, the General Administration of Customs and the State Bureau of Quality and Technical Supervision. In particular, the proposal concerning the promotion of trade facilitation was adopted and is being implemented.
At the Brunei "10+3" conference held in November 2001, the three institutions presented the first "Joint Policy Recommendations" (see appendix) to the leaders of the three countries. In order to implement the consensus reached by the heads of state of China, Japan and Republic of Korea (ROK) at the Manila "10+3" conference held in November 1999, the Development Research Center, authorized by the State Council, conducted joint research on the economic cooperation among the three countries along with the National Institute for Research Advancement (NIRA) of Japan and Korean Institute for International Economic Policy (KIEP).
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