Asia should be a major engine for sustainable global recovery, according to a report released by the Boao Forum for Asia (BFA) Sunday.
Asian countries that have emerged from the pandemic need to offer more assistance to their neighbors, said the BFA's Sustainable Development: Asia and the World Annual Report 2021.
The countries need to make concerted efforts in virus prevention and control, and accelerate the vaccination process, thus creating conditions for reopening borders and resuming normal travel, it said.
The Regional Comprehensive Economic Partnership Agreement (RCEP) and the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) should be carried out as high-standard rules and practices for free trade and investment, it said.
The Asian Development Bank, Asian Infrastructure Investment Bank, New Development Bank, and other regional development financial institutions and platforms should implement countercyclical regulation during economic downturns, and cooperate closely with financial institutions and funds in Asia that are dedicated to medium- and long-term green investment.
Asia should take advantage of its innovation and development of digital technologies to ensure a smooth supply chain in the region, promote the building and operation of cross-border infrastructure, and promote green investment and digital transition, it said.
Moreover, Asian countries must further strengthen their cooperation with other developing countries, those in Africa in particular, as well as share their experience and build their capacity in certain fields, the report said.