The short-term goal of regional cooperation in East Asia should be the establishment of a bilateral FTA among China-Japan-Korea, and the medium-term goal should be the establishment of CJK-FTA or CJK-ASEAN, while the long-term goal should be the establishment of East Asian Community. Among goals above, the establishment of CJK-FTA will be the key stage. This article predicts possible gains of participating countries in each bilateral FTA based on the GTAP model, then point out that the China-Korea FTA is most likely to be established first by using the static game model, giving the way to include Japan into the FTA and practical recommendations to realize this proposal.