Holiday Gift Guide
Gift ideas & reviews for this holiday season
You are here:
Business & Finance
The Great Debate
Do More With Reuters
You Witness News
Make Reuters My Homepage
Support (Customer Zone)
About Thomson Reuters
Asian, American leaders back free trade to ease crisis
Sat Nov 22, 2008 6:22pm EST
Email | Print |
| Reprints | Single Page
By Paul Eckert and Dana Ford
LIMA (Reuters) - Leaders from Asia and the Americas promised on Saturday to push for a global free trade deal and reform international lenders in an effort to keep the world from sliding into a deep recession.
U.S. President George W. Bush, Chinese President Hu Jintao, Japanese Prime Minister Taro Aso and other members of the 21-nation Asia-Pacific Economic Cooperation group, or APEC, said they would refrain from raising trade barriers over the next 12 months.
They also supported overhauls of the International Monetary Fund, or IMF, and the World Bank at a time when more countries need emergency bailouts to avert devastating economic turmoil.
"The current situation highlights the importance of ongoing financial sector reforms in our economies," the leaders said at the mid-point of a two-day summit meeting at a fortified defense compound in Peru's capital, Lima.
On his last scheduled trip abroad before handing over power to President-elect Barack Obama on January 20, Bush joined his APEC peers in rejecting protectionism as an option if economies worsen.
The leaders also committed to a breakthrough in the stalled Doha round of trade talks before the end of this year.
"It's important for us to continue to work together in this time of economic turmoil," Bush said earlier on Saturday.
The APEC group accounts for more than half of global output and includes countries such as Russia, Indonesia, Australia, Canada and Mexico.
Before the group met, Canadian Prime Minister Stephen Harper and Mexico's Felipe Calderon blamed the United States for starting the crisis and called for better banking regulations.
"Our closest neighbor and largest trading partner is the epicenter of the financial earthquake and global slowdown," Harper said in a speech to business leaders.
Calderon said structural problems in the global economy were allowed to fester before spiraling out of control.
"This wasn't caused by developing countries," he said.
APEC members said they strongly supported recommendations that the Group of 20 leading economies made last week in Washington. Nine of APEC's members belong to the G20.
In Washington, the G20 agreed to strive for a deal on key farm and manufactured goods trade issues in the Doha round by the end of the year. It also pushed for government spending or tax incentives to spur economies and tougher oversight of the financial industry.
OBAMA IN THE WINGS Continued...
View article on single page
TOPWRAP 3-Obama sees long haul ahead, China offers help
Also on Reuters
Clinton reportedly OKs Obama's offer
Even Google scales back on holiday fun
Memorable moments from the world of entrtainment in 2008
Bush pleges new trade push
A selection of our best photos from the past 24 hours. Slideshow
Top News: Obama pelted with advice on Iran
Business: Ethanol slump blindsides corn growers
Technology: Tech looks to raise bets on healthcare
Most Popular on Reuters
Top Republican says Obama "off to a good start"
Islamists on trail of Somali pirates
Citigroup talking to U.S. government as shares dive: source | Video
Battered E*Trade banking on government funds
Uproar in Maine over Obama assassination sign
UPDATE 2-US clout down, risks up by 2025 -intel outlook
General Motors board weighs bankruptcy option: report
GM cuts output, jets as U.S. demands turnaround plans
Obama says drafting bold economic stimulus
Wal-Mart previews Black Friday deals to draw sales
Most Popular Articles RSS Feed
Clinton reportedly OKs Obama's offer
Mudslides in Venezuela
Obama's economic stimulus plan
Smick: Paulson lacked vision
India milkmen angry over prices
Stocks volatile as fear persists
Afghan acid attackers to be punished
Obama taps Geithner for Treasury-NBC
Iran executes spy acccused
New hybrid camera bridges the gap
Most Popular Videos RSS Feed
The Great Debate
Reinforcing what? The EU's role in Eastern Congo
The EU seems to lack the political will for military invention in eastern Congo. But it might still be a force for good if it can muster diplomatic unity and take on some practical short-term commitments in support of UN forces. Commentary
The global destination for corporate leaders, deal-makers and innovators
Knowledge to Act
Help and Contact Us |
Advertise With Us |
Interactive TV |
Reuters in Second Life |
Site Index |
Thomson Reuters Corporate:
Professional Products |
Professional Products Support |
About Thomson Reuters |
Latin America |
United Kingdom |
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.