The Round-Table on Asian Regional Cooperation Organization & Asian Think Tank Forum takes place during the Boao Forum for Asia Annual Conference in Boao, Hainan Province, on April 20 (WENQING)  

The year 2021 marks the 20th anniversary of the Boao Forum for Asia (BFA). The forum has exerted significant influence on boosting development in Asia and beyond, China's President Xi Jinping said in a keynote speech delivered via video at the opening ceremony of the BFA Annual Conference 2021, on April 20 in Hainan Province. 

Common expectations 

In recent years, the role of Asia in spurring on global economic growth and promoting world governance has become increasingly significant. In 2020, Asian countries accounted for 47.3 percent of the world economy, up by 0.9 percent, as calculated by purchasing power parity (PPP), according to the Asian Economic Outlook and Integration Progress Annual Report 2021 published during the forum.  

Asian countries share the hope for peace, development, and openness though they have developed different political systems and religious traditions along their own historical trajectories, and find themselves at different stages of economic development. How to promote regional cooperation is now a hot topic discussed by experts and officials during the forum.  

According to the annual report, in 2021, the Asian economy will experience recovery growth, and the economic growth rate is expected to exceed 6.5 percent.  

However, experts pointed out that the economic recovery of Asia still faces multiple challenges from the COVID-19 pandemic, among other factors.  

Against this backdrop, Fu Ying, China’s former Vice Minister of Foreign Affairs, stated at one session that it is even more necessary for Asian countries to work together in dealing with various challenges, learning from each other's strengths, and enhancing communication to move forward together. 

Photo taken on April 20 shows Boao, a town where the Boao Forum for Asia Annual Conference is convened (WENQING)

Regional connections 

Regional trade and economic connection will be further enhanced should the Regional Economic Comprehensive Agreement (RECP) be ratified. The RECP trade pact was signed on November 15, 2020, after eight years of negotiation. After the deal is signed, "the 15 countries will gradually move to zero tariffs, which can greatly accelerate the flow of commodities and other elements among them within the RCEP. And that will greatly improve the competitiveness of the entire region," Long Yongtu, China’s former Vice Minister of Commerce, said at another BFA session.  

Today, China has taken the lead in ratifying the deal. Other members, too, will possibly approve the pact smoothly, but Japan’s attitude still has a hint of doubt to it, Zhang Yunling, Dean of the International Relations Institute at Shandong University, said. “Even if the trade pact was ratified, it still needs a long time to strengthen and deepen cooperation among members,” Zhang added. 

Moreover, reality holds several tricky issues among Asian neighbors, especially those territorial issues between China and Japan, Japan and the Republic of Korea, China and India. "In dealing with issues among Asian countries, we should adopt the Asian approach,” Zhang told Beijing Review in an exclusive interview.      

“The Asian approach comprises deeper meaning on two levels. Firstly, strategic ambiguity could be applied in tricky and explosive issues, which cannot be solved instantly,” Zhang said. “Secondly, consultation and communication are issues of common concern.” 

About the releasing of treated radioactive water from the wrecked Fukushima nuclear plant into the Pacific Ocean, Zhang believed neighboring countries, to suffer the most serious aftermath, should be allowed to dispatch expert groups to Japan to examine and inspect the releasing process, as to ensure the safety of the disposal. 

Over 2,600 delegates, including government officials, entrepreneurs, and scholars from over 60 countries and regions, attend the 2021 BFA annual conference in person, making it the first offline international gathering in 2021. The BFA was founded in 2001, when many Asian countries sought economic integration in the aftermath of the 1998 financial crisis. Last year, the annual conference was canceled due to the COVID-19 pandemic. 

Copyedited by Elsbeth van Paridon 

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