Prompted by a domino effect, the crisis eventually led to damaging consequences for the labor market and initiated a subsequent disintegration of the banking system. This severe decline in economic progress was experienced on a global scale and spanned across North America to Asia. According to Plummer, the premise of regional cooperation amongst Asian economies as a result of the global financial crisis is primarily associated with the factor of competitiveness in order to enhance the opportunity to achieve integration within the global economy and combat the effect of external forces (32). The assessment of this concept entails examining how each of the economic motivators for increasing cooperation has been impacted by the global financial crisis and how the extent of this regional cooperation can be promoted owing to the influence of external factors and the changing economic scenario.
Movements and frameworks to advance the potential of regional financial cooperation amongst Asian nations namely Japan, China and Korea have been characterized by the emergence of specific challenges which must be resolved in order to attain the desired objectives of trilateral economic agreements. However, Madhur asserts that launching any potential financial and economic cooperation agreement between these Asian economies has traditionally posed several challenges and hurdles which have even led certain bilateral agreements and FTAs including the CJK FTA in failing to materialize successfully (377). The key difficulty in advancing the scope of financial cooperation between the three nations is linked with the inherent concept of preferential trade agreements and the criticism which is raised by trade analysts regarding such type of agreements. As noted by Madhur, a comparison of PTAs with the value and worth of potential multilateral free trade suggests that the former does not hold the several benefits