Research On The Construction And The Trade Potential Of Regional Economic Integration Of China, Japan And South Korea

Many countries had joint to the globalization to pursue their ownbenefits since the latter half of19thcentury. However, to achievefree-trade agreement under multilateral mechanism meets a lot ofdifficulties. In the view of above, most countries took part in the regionaleconomic cooperation which regulates lower trade barriers, higherdegrees of freedom on the trade. Though the study of globalization andregionalization didn’t come to the final conclusion, they become the twomain features of modern world economics. And they two shows anincreasing complementary parallel advantage which can be reflected bythe basic conditions of the country members of WTO: most of theminvolved in one or more FTAs. Three major sectors are included in theworld economics pattern: The European Union, North America, and EastAsia. Though the growth of economics in East Asia is faster than EU andNorth America, East Asia is obviously lagged behind the other two partsin the speed of regional integration. Three large economic entities, China,Japan and Korea, which play a decisive part of the eat Asia economics,didn’t even complete their framework about the regional economiccooperation system. They are only in the position of integration. Topromote the system of northeast Asia economic integration, is aiming atimproving the economic integration and the position of East Asia amongthe world. Therefore, the research about economics integration of China, Japan and Korea is of great significance.Firstly, the article draws out a comparative analysis on theadvantages and disadvantages about different industries of China, Japanand Korea. Come to an conclusion that three entities may meet withopportunities and challenges. Secondly, the article calculates the tradepotential between China and Japan, Korea respectively, drawing aconclusion that the potential trade is large; the volume of the trade of themember country may enjoy a big growth rate from the agreement. Finally,the article gives some advices on the technology upgrade, trade barriersreduction and the building path of the trade agreement of China, Japanand Korea.