Zeng Peiyan: we call for Asian nations to speed up building energy partnership
Origin:Boao Forum for Asia      Time:2016-06-15 15:24:26     Views:382921

On May 25th, BFA vice-chairman and former vice Premier Zeng Peiyan delivered a speech in Astana, calling for Asian nations to speed up building energy partnership. He elaborated on the above opinion at the BFA Energy, Resources and Sustainable Development Conference.

Zeng Peiyan pointed out that in recent years the world economy has been slow in recovery. The main economies are lacking strong economic driving forces; structural readjustment is facing difficulties; protectionism is on the rise. In particular, in the past year, the prices of commodities such as crude oil and iron ore have been drifting low, posing great difficulties for the economic development of energy-exporting countries. In fact, the ups and downs of the energy price are not a good thing for either the supply or the demand side. Everyone hopes to see a reasonable, stable and predictable price trajectory as well as a balanced supply and demand relationship in energy resources.

He noted that Asia has both main suppler countries and main consumer countries of energy resources. As the world economic center is shifting eastward, the energy resource flow within Asia will gradually become the main flow of the international energy resource. Currently, against the backdrop of energy price fluctuations and world energy allocation readjustment, it is necessary to explore a new mode of cooperation in Asia. He suggested that Asian nations should uphold the principle of “cooperation between supply and demand for mutual development”, jointly build Asian new energy partnership to establish long-term supply and demand relationship, form stable market and price expectation so as to promote the stable economic development on both supply and demand sides and also play a stabilizing role in the world energy resource market.

Zeng believed that Shanghai Cooperation Origination can take the lead in building Asian energy resource partnership, organizing Asia’s main energy producing country and consumer countries, and building a ministerial inter-governmental dialogue mechanism for exchanges and consultations on relevant issues.

Zeng Peiyan suggested that we take the energy resources industry as the starting point to promote international cooperation in areas of policy, finance, trade, investment and so on. We should take the energy resource policy as guidance, promote macro-economic policy coordination and accommodate economic development plans of various countries; expand the currency settlement and currency swap scale; encourage the Asian Infrastructure Investment Bank, the Asian Development Bank and other multilateral development agencies to expand financing in their own regions; speed up economic and trade cooperation agreements and facilitate mutual investment and trade between enterprises; promote in-depth cooperation between supply and demand enterprises in the downstream and upstream, reduce transaction costs and share risks.

 

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