PUSAN, South Korea -- South Korea, long considered "a shrimp among whales" in Northeast Asia, senses opportunity. Diplomatic developments in the region hold out hope of a transformation of relations among states, and South Korean strategists see their nation as uniquely positioned to lead this process.

The six-party talks to deal with North Korea's nuclear program are widely viewed as the incubator for a new regional security order. The current negotiations are an ad hoc affair, with diplomats meeting in Beijing at odd intervals. But the complexities of the talks and the range of issues and concerns subsumed in them will necessitate their institutionalization. Many participants and observers agree that the talks should morph into a permanent security forum for Northeast Asia, an unprecedented development.

In December, Malaysia will host the first East Asian Summit. While the EAS is being touted as a step forward in the effort to define East Asia as a coherent political entity, there are still far more questions than answers about this event. Who will attend? Who will lead this process? What is its ultimate objective? How will it fit into the existing structure of regional institutions, such as the Asia-Pacific Economic Cooperation forum, the ASEAN Regional Forum and the ASEAN Plus Three?