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| US President George W. Bush (C) poses with his South Korean counterpart Lee Myung-bak (R) and Japanese Prime Minister Taro Aso on November 22, 2008 before their bilateral meeting on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Lima. Bush, bidding farewell to the international stage, offered a sweeping defense of free trade, demanding the world resist protectionism during the financial turmoil. |
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Leaders of the Asia-Pacific Economic Cooperation (APEC) member economies promised Saturday not to raise new barriers to investment and trade in the next 12 months.
In a statement issued in Peru's capital Lima, on the first day of their two-day summit, the leaders admitted the risk that slower world economic growth could lead to calls for protectionist measures which would exacerbate the current economic situation.
"In this regard, we strongly support the Washington Declaration and will refrain within the next 12 months from raising new barriers to investment or to trade in goods and services, imposing new export restrictions, or implementing World Trade Organization (WTO) inconsistent measures in all areas, including those that stimulate exports," the statement said.
On the Doha Round of WTO trade talks, the APEC leaders expressed their hope for "an ambitious and balanced conclusion" to lay the foundation for the economic growth and prosperity in the region.
"We are committed to reach agreement on modalities next month on the basis of progress made to date," said the statement.
The leaders also reaffirmed their commitment to the Bogor Goals of free and open trade and investment in the Asia-Pacific region as a "key organizing principle and driving force" for APEC.
"We instruct APEC Ministers and officials to accelerate implementation of the measures contained in our Regional Economic Integration Agenda, including a possible Free Trade Area of the Asia-Pacific as a long-term prospect and intensifying work on structural reform," the statement said.
The global financial crisis would not shake their determination to address important challenges facing the region, including climate change, energy security and clean development, said the leaders.
"We will stand by our international commitments in these areas, including in Official Development Assistance and the Millennium Development Goals," they said. The 16th APEC Leaders' Meeting was being held in Lima on Saturday and Sunday, Nov 22 - 23, 2008.
U.S. President George W. Bush on Saturday, Nov 22, called on world economies to keep market open and reject protectionism to overcome the ongoing global financial storm.
The world leaders must maintain "the power of free market," Bush said in a speech at the Asia-Pacific Economic Cooperation (APEC) CEO Summit, held in Lima, the Peruvian capital.
The APEC meeting came at a time of "economic turmoil and unprecedented cooperation," Bush told an audience of presidents, ministers and entrepreneurs from the Asia-Pacific region, ahead of the annual APEC leaders' meeting that began Nov 22.
"As we look to the future, the tasks facing our nations are no doubt demanding ... recovering from the financial crisis is going to take time, but we will recover," Bush said.
Rebuilding confidence is the only way to regain strength and sustain economic growth, Bush said.
The president called for "unity and determination" among world leaders to take action to modernize financial structure, strengthen transparency and integrity of market, and enhance financial regulations and oversight.
Rich countries and emerging economies, which have contributed increasingly to the world economy, must "sit at the same table" for dialogue, Bush said.
The president said he does not hope to solve crisis in a two-day meeting, but expects the leaders to take initiatives that could "lay the foundation for success."
"We can change the challenges into an opportunity for Asia-Pacific and beyond," said Bush.
Meanwhile, Bush highlighted the U.S. efforts to promote regional economic integration. "Greater economic integration in the Asia Pacific advances the interests of all," he said, noting that earlier this year, America began discussions on a new regional free trade agreement with Brunei and Chile, New Zealand and Singapore.
"This agreement has the potential to open up new opportunities across the region," he said.
Meanwhile, Bush said the U.S. government will "push hard" for the conclusion of the Doha Round trade negotiations, noting that the G20 leaders pledged in Washington earlier this month to finalize modalities of the agreement by the end of the year.
"Over 20 nations at the table, from all different kinds of backgrounds, expressed solidarity with the idea of completing Doha. And now we've got to put those words into action," he said.
The Doha talks, which started in 2001, have been deadlocked over the past seven years and repeatedly missed deadlines. The latest setback came in July when WTO trade ministers failed to wrap up the negotiations due to disagreements between the Untied States and India over a special safeguard mechanism for agricultural products of developing countries.
The leaders would also discuss the APEC regional economic integration, corporate social responsibility, human security, APEC institutional reform, trade and investment, structural reform, anti-corruption and transparency, economic and technical cooperation, and climate change.
