Economically, geo-politically, culturally, and even historically, Korea is surrounded by her major trading partners, i.e., China, Japan, and the United States. In regard to Free Trade Area (FTA), Korea is currently negotiating with Chile that is chosen partly because Korea-Chile Free Trade Area is expected to give the smallest adverse effects on each economy. As long as Korea is on the track of trade liberalization, Korea should consider an FTA with her major trading partners, China, Japan, and the United States in the foreseeable future. At that point, pros and cons will come to the surface, consequently, we will want for sound judgments. Identifying dynamic effects by induced capital formation, this paper at least answers which country should be the first FTA partner for Korea, and which sequence is favorably related to her growth. China, Japan, and the United States are the object of investigation.