With the continuous economic growth in the last several decades, East Asia has emerged as an important economic region. The population of the ASEAN +3 in 2011 reached 2.1 billion which was more than 30% of the total world population. Its Gross Domestic Product (GDP) was around 25% of the world`s entire GDP. However, due to an export-oriented growth, East Asia has relied on the developed market rather than the regional market. Furthermore historical and political conflict among countries made it difficult to cooperate each other in East Asian countries. EAVGⅠ which was initiated by Korea government after 1997 financial crisis in East Asia has contributed to formation of East Asia as a regional entity. In addition, in order to continue to paly the same role, Korea suggested to launch EAVGⅡ which will study the future vision of East Asia for the 2011-2012. EAVGⅡ reflecting the changing environment surrounding East Asia, proposed the establishment of the East Asian Economic Community(EAEC) as the new vision of cooperation in East Asia. EAVGⅡ submitted to ASEAN+3 summit in 2012 Vision report which faithfully reflects a reality, rather than the visionary report due to the major stakeholder`s intention of status quo such as China, Japan and ASEAN. Nevertheless, establishment of the EAEC will be depending on the future efforts of the ASEAN+3. In this regard, role of South Korea in the future is important. As a medium sized country with no intention of weilding power, Korea which is relatively neutral in conflicts in East Asia is in a good position to bridge the conflicting parties. As Korea in the past played a role of idea bank for EAVG, it should continue to play a crucial role in the process of the creation of the EAEC. Korea should lead the negotiation of RCEP in order to liberalize trade and investment in ASEAN+3 and at the same time should promote trilateral FTA of Korea, China and Japan. In addition, the economic cooperation with ASEAN which would play an important role in establishment of the EAEC should be strengthened. Korea should be a true friend of ASEAN. To do this, Korea should formulated and promote a long-term strategy for ASEAN.