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The BFA, a platform for government, business and academic leaders in Asia and elsewhere to share opinions on pressing issues in the region and the world, has been a major contributor to Asia's economic integration in the past decade.

Since its establishment in 2001, it has committed to promoting regional economic integration and bringing Asian countries closer to their development goals.

Chinese Premier Li Keqiang said Thursday when addressing the forum's opening ceremony that regional economic integration is in the mutual interests of all Asian nations.

"We need to work in unison to promote trade liberalization, investment facilitation and upgrade regional and sub-regional cooperation," Li said.

Ample room still exists for the region to further deepen economic ties and enrich trade arrangements to unleash new growth momentum and raise the competitiveness of the continent.

The negotiation on the Regional Comprehensive Economic Partnership (RCEP) has the participation of more countries than any other free trade agreement in the region. It is a promising platform for boosting regional trade liberalization as it suits the area's industrial structure, economic model and social tradition.

Li has suggested the launch of a feasibility study on a Free Trade Area for the Asia-Pacific region to maximize benefits from trade and investment in the region.

China's initiatives to develop the Silk Road economic belt and a maritime Silk Road of the 21st century, both proposed by Chinese President Xi Jinping, will also start a new chapter for integrated destinies in Asia.

Cooperation brings mutual benefits, whereas confrontation always hurts.

Asian nations should take more concrete actions and demonstrate greater political will in pursuing a mutually beneficial path to remain a powerhouse for world growth.

 

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