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Asian energy, resources partnership proposed at Boao Forum conference

Xinhua, June 11, 2015 Adjust font size:

A chief Chinese representative proposed on Thursday to build an Asian energy and resources partnership at the Boao Forum for Asia (BFA) "Energy, Resources and Sustainable Development Conference."

Focusing on the Silk Road Economic Belt and the 21st-Century Maritime Silk Road as well as the cooperation of energy and resources in the Asian region, the participants will analyze the latest situation of the world energy and resources, and discuss on the new ideas of future cooperation in the region.

Zeng Peiyan, vice chairman of the BFA, said the ups and downs in the energy and resources prices have a great impact on both the supplying and the consuming countries, and thus they wish to see a reasonable, stable and predictable trajectory of prices and a balanced relationship between supply and demand.

He said the center of global energy consumption is moving to Asia, which is home to both the major suppliers and consumers of energy and resources in the world.

Against the backdrop of falling energy prices and changing international energy relocation structure, it is necessary for Asia to explore the establishment of a new model of cooperation at the opportune time to promote the sound and orderly development of the energy and resources market.

The Chinese representatives proposed that Asian countries establish an energy and resources partnership in the spirit of cooperation for win-win development, so as to achieve "four stables," - to establish a stable supplier-consumer partnership to generate a stable expectation of prices and market prospect, promote the stable economic development of countries on both the supply and demand sides, and help bring about a stable world energy and resources market.

A five-point proposal was made to build such an Asian energy and resource partnership. First, build an Asian trading market of energy and resources. Second, negotiate the rules for investment and trade liberalization and facilitation in energy and resources. Third, step up regulatory cooperation on the financialization of bulk commodities. Fourth, encourage business of the relevant countries to deepen cooperation. Fifth, set up an information sharing mechanism between supplying and consuming countries.

The attendants positively responded to the proposal, believing that the establishment of an Asian energy and resources partnership will help enhance the regional energy security, and can be placed as a priority for the cooperation in China's "One Belt, One Road" initiative for Asian countries.

The BFA Expert Committee of Energy, Resources and Sustainable Development was also launched during the meeting, which will provide intelligence support for the energy cooperation in Asia.

More than 300 representatives from government, industries and the academia attended the conference. Endi