This study proposes the formation of the Northeast Asian Economic Cooperation Council (NAECC) to discuss comprehensive economic cooperation and major economic issues between Korea, Japan and China. In order to meet the challenge of risign regionalism and to prevent another Asian economic crisis, it is imperative for the central governments of the region to involve themselves more actively in Northeast Asian Economic Cooperation. Given the diversity of Northeast Asian countries, it seems to be more realistic to vegin with the central governments of the three major countries in terms of economic size. However, even amongst these three countries, the prospects for reaching a regional trade agreement such as the North American Free Trade Agreement (NAFTA), let alone a more advanced economic integration type like the EU, are quite dim in the foreseeable future. Thus, Korea, Japan and China must try to get as many benefits of economic integration as possible through a non-traditional approach.