Full steam ahead toward East Asian Economic Community

As more than a dozen heads of state and government gather in Myanmar to promote cooperation across East Asia, it is time to inject fresh vigor into the process of building the dynamic region into an economic community.[Special coverage]

The conditions for achieving this vision are more favorable than ever. With regional trade booming and economic interdependence rising, all economies in the region are linked to a common destiny.

Meanwhile, the urgency is also compelling. The current spaghetti bowl of fragmental and overlapping free trade areas (FTAs) is a far cry from what the region needs for its future. Contradictory trade rules are likely to create even thornier barriers for traders and investors.

Apparently, individual East Asian economies have several options available, including the U.S.-led Trans-Pacific Partnership. But among them the East Asian Economic Community vision is the most viable next step for the region, and it can serve as the foundation for broader trade arrangements in the long run.

Integrating East Asia into an economic community by 2020 has been set as the goal for East Asian cooperation, and the "10+3" framework between the Association of Southeast Asian Nations (ASEAN) on the one hand and China, Japan and South Korea on the other should serve as its backbone.

During the past years, the "10+3" mechanism has yielded rich fruit. As the main driving forces for regional economic integration, its participants should further enhance practical cooperation.

For example, they can do more in financial cooperation. From the Chiang Mai Agreement to the Asian Infrastructure Investment Bank, a series of initiatives have been hatched out, and they deserve earnest implementation.

Boosting regional connectivity should also be a priority. Integration will only be a mirage if the members are not linked together by a single network. Beijing's 21st Century Maritime Silk Road initiative can serve as the keystone in this regard.

ASEAN, the nursery and seminary of East Asian cooperation, has made great strides in its own integration. As its largest trading partner, China has also played an active and constructive role in boosting broader integration in the region.

Given that, the East Asian Economic Community is getting ever closer to reality. It is highly advisable that stakeholders in the region build on the momentum and realize the vision at an early date.