In establishing a multilateral FTA as a preliminary step for more advanced final economic integration in Northeast Asia, the three Northeast Asian countries should clarify the agenda and vision for regional economic integration, and select an appropriate form for market integration. In terms of practical aspects to be considered for the final goal, the three Northeast Asian countries need to sort out obstacles blocking the way toward their FTA agreement first. Especially, removal of non-tariff barriers should take some degree of policy coordination among the northeast Asian countries.

The way to promote the market integration in Northeast Asia can be described as an economic-interest focused, market-leading, and practical approach. Although many researches have estimated the possible macroeconomic gains resulting from the FTA, those forecasts should be accompanied with examination of the economic benefits at the industry level as well as improvements in market efficiency following institutional and policy coordination.

The lessons from the European economic integration suggests that economic cooperation fairly can precede some complicated political issues in order to achieve regional integration. The impediments blocking a high level of cooperative relation between the governments of Northeast Asian countries include unstable political situation in the region, conservative nationalism, historical episodes, and border conflict issues. The market integration in Northeast Asia will cope with those difficulties by promising economic gains for the countries in the region, as well as build-up for the transparent credibility among the Northeast Asian countries. Eventually, they will be able to enjoy economic rewards via well-performing market integration in the region, and further peace in the region needs to be sustained for further economic cooperation.

While traditionally rivalry relationship between China and Japan is negative to the establishment for Northeast Asian economic integration, there is some room for Korea to play a role as mediator and coordinator in the region like Belgium did in the course of European integration efforts. Mutual confidence among each other in Northeast Asia should be one of the most critical conditions on the way to the long term economic integration rather than a mere FTA in the region. To found a systematic economic integration in the long run beyond an FTA in Northeast Asia, for example, a form of NAEA (Northeast Asian Economic Association) needs to be established. Although the core of a possible NAEA is the establishment of “Northeast Asian Free Trade Area (NAFTA)”, the countries in the region should promote not only financial cooperation but also environmental assessment, natural resource development, and R&D at the same time. Also, some necessary institutions should be operated in order to proceed toward the NAEA in a consistent and systemic mode. In the due course of the completion of NAEA, the three Northeast Asian countries need to achieve free trade in the goods market as well as financial market cooperation before the NAEA can be advanced into the NAEC (Northeast Asian Economic Community) in the future. The market integration of the three Northeast Asian countries in the NAEA can share not only economic gains but also interaction in other realms, which can give member countries some degree of sympathy for culture and common value. In addition, the market integration in the Northeast Asia gives rise to bargaining power in dealing with other regional blocks outside the region.

Finally, Korea faces two important issues for taking a stance to lead the market integration process in the region. First, it should perform solid market economy by restructuring the economy and improving competitiveness in the world economy. Secondly, Korea should reach its own social concensus domestically resulting from political leadership before seeking for cooperation with the other two countries, China and Japan.