Australian leaders are optimistic that discussions regarding the implementation of significant trade deals between Australia and their Asian trading partners will prosper, as the host city welcomed delegates to the Boao Forum for Asia on Wednesday.
The Boao Forum for Asia (BFA) will run over two days in Sydney with more than 250 delegates across the business and political spectrum discussing issues facing the Asia-Pacific region, including infrastructure financing and professional services.
Australian Prime Minister Tony Abbott will deliver a key-note address to the forum on Thursday morning.
"I think over the coming days we'll discuss how those agreements will play out in practical terms, in terms of opportunities for those companies involved," New South Wales (NSW) Premier Mike Baird told reporters on Wednesday.
"We're proud to have it here obviously to showcase this city, but just as importantly to (address) significant issues that are facing both the state, nation and countries across Asia."
BFA Secretary General Zhou Wenzhong said considering the global economic backdrop, it is the right time for the Asia-Pacific region and focus on the problems they are confronted with.
"Regional cooperation has always been one of the BFA's themes. Only by working together can we create a better future and realize sustainable, long-term growth," Zhou said.
NSW Minister for Trade Stuart Ayres said at the welcome he believes the BFA will become one of the most important economic forums operating anywhere in the world.
"I believe that Boao, over the next 25 years, will become a word that surpasses Davos when it comes to economic development and discussion amongst leaders across the globe," Ayres said.