Sunday, 24 September 2023 05:54 GMT

Boao Forum for Asia Continues to Build Consensus, Promote Cooperation in the Region

(MENAFN) The Boao Forum for Asia (BFA) has become an important international stage for dialogue and gathering consensus since its founding in 2001. This year's forum is held entirely offline under the theme "An Uncertain World: Solidarity and Cooperation for Development amid Challenges" in China's southernmost island province of Hainan. The forum has come a long way since its establishment as a nondescript fishing village to become a high-profile event that actively engages in discussions and produces proposals to tackle issues such as global economic recovery and governance deficit.

With a focus on Asia and a global perspective, the Boao forum has gone a long way to build consensus in the region, encourage cooperation, promote economic globalization, and advance the building of a community with a shared future for humanity. Chinese President Xi Jinping has played an instrumental role in the forum's success, participating in the BFA annual conferences and delivering keynote speeches five times since 2013.

The BFA was officially established in 2001, with the Declaration on the BFA adopted by delegates from 26 founding members. Back then, the Asian economy had just been hit by the financial crisis and was in urgent need of recovery, while China was blazing new trails in opening-up with its accession to the World Trade Organization. The themes of the annual conferences in the first few editions invariably centered on Asia and win-win cooperation.

Xi has called on BFA participants to continue developing and strengthening Asia, demonstrate Asia's resilience, wisdom, and strength, and make Asia an anchor for world peace, a powerhouse for global growth, and a new pacesetter for international cooperation. The forum's discussions and proposals have been translated into actions to tackle issues such as global economic recovery and governance deficit.

The BFA's efforts to promote cooperation and build consensus in the region have borne fruit, with the weighted real GDP growth rate of Asia in 2023 estimated to be 4.5 percent, an increase from 4.2 percent in 2022, according to a report titled "Asian Economic Outlook and Integration Progress," released by the forum on Tuesday. As the forum continues to play an important role in promoting sustainable development and economic growth in Asia, the world watches closely, hoping for continued success in building a better future for all.


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