The voice of the Asian economy

Since its inception, the Boao Forum for Asia has been recognized as an effective channel for exchanging views on the most pressing economic issues over the past two decades.

Chinese Premier Li Qiang speaks at the opening ceremony of the annual Boao Forum for Asia (BFA) on March 30, 2023. (Source: Kyodo)

Entering the 21st century, with the continuous development of globalization and economic regionalization, the acceleration of European economic integration, and the further development of the North American Free Trade Area, Asian countries are facing enormous opportunities as well as many challenges.

How to cope with the challenges posed by globalization to countries in the region, maintain the healthy development of the regional economy, and enhance coordination and cooperation have become common issues facing Asian countries.

Circumstances of its creation and objectives

Although Asian countries and regions have participated in trans-regional international conference organizations such as the Asia- Pacific Economic Cooperation (APEC) Forum and the Pacific Economic Cooperation Council (PECC), the entire Asian region still lacks an Asia-led forum to specifically discuss Asian issues from the perspective of Asian interests and viewpoints on other regions and the globe.

In light of this situation, in 1998, former Australian Prime Minister Bob Hawke, along with former Philippine President Difel V Ramos and former Japanese Prime Minister Hosokawa Morihiro, proposed the idea of ​​an "Asian Forum," similar in nature to the "World Economic Forum in Davos." The idea was unanimously agreed upon by the countries involved from its inception. A year later, the idea received support from Beijing.

On February 26-27, 2001, officials from 26 countries attended the conference to establish the Boao Forum for Asia (BFA), held in Boao Township, 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 the “BFA Guiding Principles on the Asian Charter,” attracting significant international media attention.

Vietnamese Deputy Prime Minister Nguyen Manh Cam attended the opening ceremony as a special guest and affirmed: “The BFA is the result of the efforts of Asian leaders with good ideas, not only for the benefit of each country but also for the betterment of the entire continent in the new century and new millennium.” As a member of the Forum, Vietnam is committed to actively participating in its activities and contributing to the forum's effectiveness.

Since its inception, the BFA, as a non-governmental and non-profit international organization, has served as a platform for dialogue among government leaders, industry and business leaders, and academics from countries in Asia and other continents on important issues in Asia and the world. The Forum's objectives and content focus primarily on economic issues for Asia, especially strengthening trade, investment, and regional integration; promoting business development for sustainable economic progress and social responsibility; and fostering cooperation and partnerships among countries within and outside the region for the development, peace, security, and prosperity of Asia. Currently, 29 countries are members of the Forum.

Operating mechanism

The organizational structure of the BFA consists of five components:

Firstly, there 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, and the relevant agendas are announced to members one month in advance.

Secondly, there is the Management Board. The BFA Management Board is the highest executive body of the General Assembly of Members, accountable to the General Assembly, meeting once a year, and responsible for overseeing and directing the overall work of the Forum. The Management Board is elected by the official members of the Forum through voting before the General Assembly. This board consists of 11 members; the Secretary-General and the representative from the host country (Mr. Ngao) are ex officio members, while the remaining nine members are founding members, honorary members, and corporate members.

Third is the Advisory Committee, composed of members selected from prominent figures in politics, business, and academia.

The term of office for the Advisory Committee is five years, after which it may be renewed. Members of the Advisory Committee are not compensated unless they are commissioned to participate in forum-related work.

The Advisory Committee, based on the needs of the Forum, holds irregular working meetings to provide feedback 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 the head of the Secretariat.

The Institute, established in 2001, is a key intellectual support body for the Forum. Its main functions include: developing the annual agenda and themes based on research and analysis of the global economy; organizing the drafting and publication of economic forecasts relevant to the Forum's work; providing timely and direct information on important developments in the region, and discussing and researching major economic, trade, commerce, and financial issues in the region and with key regional partners; providing intellectual resources for the Forum's annual meetings, workshops, and other special meetings; training human resources for members and other partners; and establishing working networks and information exchange centers in Asia and even worldwide.

This is where annual reports such as the "Asian Economic Integration Report," "Asian Competitiveness Report," "Emerging Economies Report," and "Asian Financial Report" are published.

Enhancing Asia's Role

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 was held in Boao with the theme "An Uncertain World: Solidarity and Cooperation for Development Amidst Challenges".

The event attracted approximately 2,000 delegates from 50 countries and territories. Discussions revolved around the conference theme and four main issues, including development and inclusiveness, effectiveness and security, regional and global, and the present and future. The forum reached consensus on many issues, especially strengthening cooperation to enhance Asia's role.

According to the BFA report dated January 10th, “Asia continues to strengthen 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, shows that five countries – Singapore, China, South Korea, Japan, and Israel – are among the top 15 most innovative economies in the world. Southeast Asia and East Asia are narrowing the gap with Europe in terms of innovation.

According to Li Baodong, Secretary-General of the BFA, with its rich intellectual resources and long tradition of innovation, Asia is a great home for global development and innovation.

In the context of the current global situation, the theme of the BFA 2024 is expected to be “Asia and the World: Common Challenges, Common Responsibilities,” with four main themes: global economy, science, technology and innovation, social development and international cooperation, and four main areas: global economy, scientific and technological innovation, social development and international cooperation, each reflecting the central theme of solidarity for development.

Source: https://baoquocte.vn/dien-dan-chau-a-bac-ngao-tieng-noi-cua-kinh-te-chau-a-265053.html