President Bush Hopes To Bolster Economic Confidence At APEC Summit In Peru

November 22, 2008 10:29 a.m. EST

Lima, Peru (AHN) - President George W. Bush, who is on his last scheduled foreign trip of his presidency to South America, told leaders in a world summit there that they should push for an economic rescue plan and avoid protectionism.

President Bush is attending the Asia-Pacific Economic Cooperation forum, comprised of the 21 member nations that account 55 percent of the world's gross domestic product and almost 50 percent of the globe's trade.

Local leaders are optimistic about the Free Trade Area of the Asia-Pacific (FTAAP) as it may help resolve the global financial crisis and slumping credit market condition.

"This is its best instrument to be used," Peruvian President Alan Garcia was quoted saying by Bernama, a Malaysian National News Agency, as he was speaking to members of the Apec Business Advisory Council (Abac) who assembled in the Peruvian capital prior to the 16th Apec Summit beginning Saturday.

"We have 30 free trade agreements (FTAs) within our economies which is enough of a foundation to enter into a free trade agreement for this important region," Garcia added.

Among the members of the annual summit are the United States, Russia, China, Peru, Chile, Mexico and other major economies. The leaders in the meeting aims to keeping trade barriers down and adopting reforms to the global financial system under free-market pacts.

"APEC is an important meeting at this time, particularly given the financial situation in the world," Bush said in a pre-summit interview with Peru's America Television, according to LA Times newspaper.

In addition, Bush is expected to meet Chinese President Hu Jintao, Russian President Dmitry Medvedev and other leaders in the region to discuss the progress with the North Korean nuclear disarmament.

"Our primary goal is to get back to the negotiating table in Beijing," Dennis Wilder, senior director for East Asia at the National Security Council, was quoted saying by the Times. China leads and hosts the six-nation talks on North Korea's nuclear program.

North Korea has been seeking economic and diplomatic concessions in return for a complete dismantle of its nuclear operations including uranium enrichment in the country.