Chinese Vice Premier Liu Yandong attended the inaugural meeting, and stressed the significance of the alliance in deepening regional cooperation in Asia.
She said she expected the alliance to build a bridge between people from different cultures, while serving as a platform for international cooperation with the wisdom of Asia.
"It will make a big difference to the prosperity and the cultural exchange within the region," Liu said.
The alliance was proposed in March 2016 by Tsinghua University, where the meeting was held.
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The alliance aims to enhance cooperation and communication among Asian universities, and play a role in solving regional and global issues.
Other than the Indian Institute of Technology-Mumbai (IIT-Mumbai), the founding members include Tsinghua University, Peking University, Hong Kong University of Science and Technology, South Korea's National University of Seoul, Japan's Tokyo University, Thailand's Chulalongkorn University, Myanmar's Yangon University, Malaysia's University of Malaya, National University of Singapore, University of Indonesia, Sri Lanka's University of Colombo, UAE University, King Saudi University and Kazakhstan's Nazarbayev University.