Since its establishment, the Boao Forum for Asia has been considered an effective channel for exchanging opinions on the most pressing economic issues over the past two decades.
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| Chinese Premier Li Qiang delivers a speech at the opening ceremony of the Boao Forum for Asia (BFA) Annual Conference on March 30, 2023. (Source: Kyodo) |
Entering the 21st century, with the continuous development of economic globalization and regionalization, the acceleration of European economic integration and the further development of the North American Free Trade Area, Asian countries are facing great opportunities as well as many challenges.
How to cope with the challenges brought by globalization to countries in the region, maintain the healthy development of the regional economy and enhance mutual coordination and cooperation have become common problems faced by Asian countries.
Background and goals
Although Asian countries and regions have participated in trans-regional international conference organizations such as the Asia- Pacific Economic Cooperation (APEC) and the Pacific Economic Cooperation Council (PECC), for the entire Asian region, there is still a lack of an Asian-led forum organization to specifically discuss Asian issues from the perspective of Asian interests and perspectives towards other regions and the world.
In response to this situation, in 1998, former Australian Prime Minister Bob Hawke, together with former Philippine President Difel V Ramos and former Japanese Prime Minister Hosokawa Morihiro, proposed the idea of an “Asian Forum” similar to the “World Economic Forum in Davos”. The idea was unanimously approved by the countries involved from the moment it was launched. A year later, the idea was supported by Beijing.
On February 26-27, 2001, officials from 26 countries attended the conference on the establishment of the Boao Forum for Asia (BFA), which was held in Boao Town, Qionghai City, Hainan Province, China. The conference officially announced the establishment of the Forum and adopted programmatic documents such as the “BFA Declaration on Asia” and “BFA Guiding Principles on the Charter for Asia”, attracting international media attention.
Vietnamese Deputy Prime Minister Nguyen Manh Cam attended the opening ceremony as a special guest and affirmed: “BFA is the result of the efforts of leaders of Asian countries with good ideas, not only for the benefit of each country but also for the bright future of the entire continent in the new century, the new millennium”. As a member of the Forum, Vietnam commits to actively participating in activities, contributing to the effectiveness of the Forum.
Since its inception, BFA, as an international non-governmental and non-profit organization, has become a platform for dialogues between government leaders, industry and business, and academia from countries in Asia and other continents on important issues in Asia and the world. The Forum's objectives and contents focus mainly on economic issues for Asia, especially strengthening trade, investment cooperation and regional integration; promoting business development for sustainable economic progress and social responsibility; promoting cooperation and partnerships between countries in and outside the region for the development, peace, security and prosperity of Asia. Currently, there are 29 countries that are members of the Forum.
Operating mechanism
The BFA organizational structure consists of five components:
One is the General Assembly of Members. This is the highest authority of the Forum and is held once a year. The General Assembly is prepared by the Forum Secretariat, the relevant agenda will be announced to the members one month in advance.
Second is the Management Board. The BFA Management Board is the highest executive body of the General Assembly of Members, responsible to the General Assembly of Members, meets once a year, and is responsible for supervising and directing the general work of the Forum. The Management Board is elected by the official members of the Forum through voting before the General Assembly of Members. This Board consists of 11 members, the Secretary General and the representative from the host (Bac Ngao) are ex-officio members of the Management Board, the remaining nine members come from the founding members, honorary members and corporate members.
Third is the Advisory Committee, made up of members selected from prominent figures in politics, business and academia.
The term of office of the Advisory Committee is five years, renewable upon expiration. Members of the Advisory Committee are not compensated unless they are entrusted to participate in forum-related work.
The Advisory Committee shall hold irregular working meetings based on the needs of the Forum and make comments and recommendations on relevant issues.
Fourth is the Secretariat. The Secretariat is the permanent executive body of the BFA. It is responsible for carrying out the various activities of the forum. The Secretary General is the Executive Director of the Forum and heads the Secretariat.
The Fifth is the Research Institute, established in 2001, which is the important intellectual support body of the Forum. The main functions of the Research Institute include setting the annual agenda and topics based on research and analysis of the world economy; organizing the drafting and publication of economic forecasts related to the Forum's business; providing timely direct information on important developments in the region, and discussing and researching major economic, trade, commercial and financial issues in the region and with the main partners of the region; being responsible for providing intellectual resources for the annual meetings, seminars and other special meetings of the Forum; training human resources for members and other partners; being responsible for establishing working networks and information exchange centers in Asia and even around the world.
This is where annual reports such as “Asian Economic Integration Report”, “Asian Competitiveness Report”, “Emerging Economies Report”, “Asian Financial Report” are published.
Enhancing the role of Asia
The BFA has been recognized as an effective channel for exchanging views on the most pressing economic issues over the past two decades. The 2023 forum will be held in Boao under the theme “An Uncertain World: Solidarity and Cooperation for Development Amid Challenges”.
The event attracted about 2,000 delegates from 50 countries and territories. Discussions revolved around the conference theme and four main issues, including development and inclusion, efficiency and security, regional and global, and present and future. The forum reached consensus on many issues, especially strengthening cooperation to enhance the role of Asia.
According to the BFA Report on January 10, “Asia continues to consolidate its position as one of the major global innovation hubs in the world’s science and technology innovation system.” Accordingly, the Global Innovation Index 2023, published by the World Intellectual Property Organization, said that five countries, including Singapore, China, South Korea, Japan and Israel, are among the world’s 15 most innovative economies. Southeast Asia and East Asia are narrowing the gap with Europe in innovation.
Mr. Li Baodong, Secretary General of BFA, said that with its rich intellectual resources and long tradition of innovation, Asia is a great home for global development and innovation.
In the current global context, the theme of BFA 2024 is expected to be “Asia and the World: Common Challenges, Common Responsibilities” with four main themes: world economy, science, technology and innovation, social development and international cooperation and four main areas: global economy, science and technology innovation, social development and international cooperation, each area reflecting the main theme of solidarity for development.
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