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Northeast Asia is the area getting the limelight from the historical trend of new world economic order of globalization and regionalization since the ambitious plans of Northeast Revitalization Plan in China and a series of development programs for the Russian Far East are executed in this region. If these plans are finished successfully, Northeast Asia will meet a new era of regional economic cooperation. Due to the economic development of the Northeast Asia area the existing conflicts and potential discords between and among the adjacent countries would be latent; it needs the cooperation and adjustment among the countries to continue peace and development. The adjacent countries need the cooperation for tourism, IT, labor movement, environment, bordering problems, the coordination and adjustment for the projects between the various central/regional governments, NGOs and international institutes and organizations. Until now the economic cooperation organizations which are successful from regional level areEU for the advanced bloc and GCC for the developing bloc. The reasons of this success are the homogeneity of social and cultural value, the similarity of economic development stage, and sharing of common historical backgrounds. Northeast Asian countries composed of North Korea, Chinese northeastern area, Russian far eastern area are sharing the regional identity of socialistic experiences and economic latent possibilities and cultural value. More important factor for this region is the historical background since this area was land of Balhae Dynasty. Therefore, the name for the possible Northeast Asia economic circle can be suggested to take the word of ‘Balhae’. To establish of Ballhae free economic zone the GCC could be referred as successful instances and it might be possible to suggest the name like BCC (Balhae Cooperation council). In this sense BCC would be the possible transnational governance (TG) for the North East Asian economic community. At first stage for the TC three countries, Korea, China and Japan, will found the cooperation and it should extend to the other three countries for the membership of TC. For this object Korea will take voluntarily the role of mediation for the establishment of Free Trade Zone in Northeast Asia. It would be better for Korea to take the role of initiation and/or mediation instead of leader’s role for the TC.