Boao Forum

• 22 Apr 2021

Why in News

The opening ceremony of the Boao Forum for Asia (BFA) Annual Conference 2021 was recently held in Boao, south China's Hainan Province.

• The BFA, this year, is celebrating its 20^th Anniversary.

Key Points

• About BFA Annual Conference 2021:
  
  • The forum witnessed more than 2500 participants coming from more than 60 countries. This year's theme is ‘A World in Change: Join Hands to Strengthen Global Governance and Advance Belt and Road Cooperation’.
  • The main agenda is to strengthen mutual understanding in the post-pandemic era, create additional incentives for overall socio-economic growth and effective global governance.
  • An annual report on Asian Economy was released on the occasion which highlighted the importance of Asian economies which have fared well despite the ongoing pandemic.
    
    • In terms of purchasing power parity, Asia's share in the global economic aggregate in 2020 reached 47.3%, up 0.9 percentage points from 2019.
    • It showed that the economic integration of all Asian economies is accelerating.
      
      • Signing of Regional Comprehensive Economic Partnership Agreement (RCEP) has been injecting strong momentum into regional and global economic growth. India is not a part of RCEP.
• About Boao Forum:
  
  • The Boao Forum for Asia (BFA) is an international not for profit organization which was jointly initiated by 26 member states in 2001, the members have now increased to 29.
    
    • India is also a member of the BFA.
  • Its annual conference is held in Boao, Hainan province of China on a regular basis.
  • The establishment of BFA is modelled on the lines of the World Economic Forum which bases its annual meeting in Davos-Klosters, Switzerland. Thus earning the name of ‘Davos of the East’.
  • The founding purpose of BFA was to promote economic integration in Asia. Its mission now is to pool positive energy for the development of Asia and the world.
    
    • The forum has not only played a unique role in pooling consensus and putting forward valuable "Boao proposals," but also engaged countries in addressing global issues and promoting world development and prosperity.
  • Its five focal areas include technology innovation, health, education, culture and media in response to the new economy.

Source: TH