The article discusses formation of the regional security system in East Asia. It concludes that it is a conflict-prone region. An important security challenge is the division of the Korean Peninsula and between the Chinese People's Republic and Taiwan. Territorial disputes between the Chinese People's Republic and Japan, between Japan and Republic of Korea, and between the Chinese People's Republic and Republic of Korea make the situation even more complicated. There are no effective institutions able to facilitate military or political dialogue in the region. The article discusses the Northeast Asia Peace and Cooperation Initiative, proposed recently by Park Guen-hye, President of the Republic of Korea, as an attempt to build such an institution. The article evaluates on aims and means of the Initiative, as well as on areas of its application to regional soft security issues. One of the most important tasks of the Initiative is to involve the Korean People's Democratic Republic in cooperation with other countries of the regions in such fields as food security, natural disaster prevention, and energy security. It evaluates on the prospects of fulfillment of the Initiative in the situation, when the United State of America, the Chinese People's Republic, and, to lesser extent, the Russian Federation, are competing for leadership in East Asia.