Bush To Seek Support For Reforming Financial Markets In APEC Summit

November 21, 2008 2:51 p.m. EST

Washington, D.C. (AHN) - Making his last foreign trip as commander-in-chief, President George W. Bush left for Peru on Friday to attend the Asia-Pacific Economic Cooperation (APEC) Summit.

The President will seek "to expand support among APEC members" for the declaration adopted by the United States along with the G20 during the economic conference last weekend, Daniel Price, assistant to the President for International Economic Affairs, said in a briefing this week.

Bush last week hosted a two-day conference among leaders from the G20, a group of twenty nations formed in 1999 after the last global financial crisis. A declaration from leaders was released after the conference pledging their cooperation and support for more "vigorous" steps to stabilize and financial markets. It said that while "strong action" had been taken to address regulatory deficiencies and to unfreeze credit markets, "more needs to be done" to stop "deteriorating economic conditions worldwide," including a coordinate effort to reform and strengthen accountability among regulatory agencies.

The APEC is a forum of 21 nations that account for 55 percent of world GDP and 41 percent of the world's population. U.S. trade with APEC makes up nearly two-thirds of all American goods trade. Nine of APEC's members attended the G20 meeting in Washington.

Bush will also meet with Chinese President Hu Jintao, Japanese Prime Minister Taro Aso and South Korean President Lee Myung-bak to discuss North Korea's denuclearization. China, Japan, South Korea and the United States are part of negotiations, called six-party talks, with North Korea about disarmament.

"These meetings are an opportunity to underscore the strength of our alliances in Northeast Asia that are fundamental to our Asian security posture, and to peace and stability in the region," Deputy press secretary Gordon Johndroe said in a press briefing on Thursday. "The President will express appreciation for the highly constructive roles both nations continue to play in the six-party talks, and will discuss with them ways to move that process forward."

Bush, who makes his trip to Lima with First Lady Laura Bush, will speak before the APEC CEO on Saturday morning. He meets with Peruvian President Alan Garcia on Sunday to discuss changes in legislation in both nations so the U.S.-Peru Free Trade Agreement can go into effect. Bush is "likely" to meet with Russian President Dmitry Medvedev, the White House said. He is scheduled to return to Washington Sunday night.

Bush makes his last foreign trip 59 days before he leaves office. President-elect Barack Obama will be sworn-in as the 44th U.S. president on Jan. 20, 2009 at the west front of the Capitol. His inaugural will also commemorate the 200th anniversary of Abraham Lincoln's birth by having as its theme words from the the Gettysburg address, "A New Birth of Freedom."