Boao Forum for Asia Annual Conference 2021

Boao Forum for Asia Annual Conference 2021

  • Recently, the annual conference of ‘Boao Forum for Asia’ 2021 has been organized in Hainan Province, China.
  • Leaders, businessmen and academicians from various countries participated in this conference.
  • The theme of this year’s BFA-2021 conference was ‘A World in Change: Join Hands to Strengthen Global Governance and Advance Belt and Road Cooperation.’

Asian Economy Report of the Boao Forum for Asia

  • An annual report on the state of the Asian economy was also released during this conference. This report stated that the economies of countries located in the continent of Asia are developing quite rapidly.
  • It was reported in the report that 9 percent of the total economic and regional agreements in the world have been in this Asia region. There have been around 186 regional trade agreements between the national economies of the region within and outside Asia by February
  • The continent of Asia has increased its share in the global economy to 3 percent on the basis of Purchasing Power Parity(PPP) during the year 2020, which was about 1 percent in the year
  • This stake has been achieved by the continent of Asia due to the progress made in its national economies.
  • The report said that the Regional Comprehensive Economic Partnership (RCEP) agreement played an important role in boosting the rate of Asian regional development.

‘Boao Forum for Asia’ (BFA)

  • The Boao Forum for Asia was established in 2001 by 25 Asian countries and Australia.
  • It is a non-profit organization that provides leaders, businessmen and academics etc. of national governments of Asia and other continents a platform to present their views and suggestions on global issues.
  • Some people describe it as a format for the World Economic Forum to be held in Davos every year.
  • For example, the annual conference of Boao Forum for Asia takes place every year in Boao, South China. Just like the World Economic Forum conference is held in Davos, Switzerland.
  • The Boao Forum for Asia serves to promote regional economic integration and bring Asian countries closer to their development goals.

Source – The Hindu

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