The Boao Forum for Asia (BFA) Annual Conference 2021’s opening ceremony was recently held in Boao, Hainan Province, south China. This year, the BFA is celebrating two decades of existence and continues to foster discussion and collaboration on economic integration and other vital issues among its member countries.
About the BFA Annual Conference 2021
Marking the 20th anniversary of the BFA, the forum saw a considerable assembly with over 2,500 participants from more than 60 nations. The theme for this year’s conference was ‘A World in Change: Join Hands to Strengthen Global Governance and Advance Belt and Road Cooperation’. The focus was majorly on enhancing mutual understanding in the post-pandemic era, designing additional incentives for socio-economic growth, and promoting effective global governance.
An essential feature of the event was the release of an annual report on the Asian Economy which shed light on the robust performance of Asian economies despite the ongoing pandemic. According to the report, Asia’s share in global economic aggregate—when measured in terms of purchasing power parity—rose to 47.3% in 2020, showing an increase of 0.9 percentage points from 2019. It emphasized that the economic integration within Asian economies is rapidly increasing.
This acceleration in economic integration is largely attributed to the signing of the Regional Comprehensive Economic Partnership Agreement (RCEP), which acts as a significant catalyst for both regional and global economic growth. However, it is important to note that India does not participate in the RCEP.
The Boao Forum: Background and Purpose
Established in 2001, the Boao Forum for Asia (BFA) is a non-profit international entity initiated jointly by 26 member states, the number of which has now risen to 29 with India being one of the members. The forum holds its annual conference regularly in Boao, located in China’s Hainan province.
The BFA is fundamentally modeled on the World Economic Forum, which holds its annual meeting in Davos-Klosters, Switzerland. Due to the similarities, BFA is often referred to as the ‘Davos of the East’.
The central objective behind the foundation of BFA was to further economic integration in Asia. The forum’s mission currently extends to pooling positive energy for the development of Asia and the world. It has played a significant role in building consensus, putting forward valuable “Boao proposals,” engaging countries in addressing global issues, and promoting world development and prosperity.
Today, the forum’s focus areas have extended beyond economic matters. It now includes areas such as technology innovation, health, education, culture, and media in response to the new economy. This wider range of topics reflects the forum’s commitment to comprehensive discussions for overall global progress.