Apec leaders make free-trade vow

Leaders from Asia-Pacific countries have pledged not to respond to the global financial crisis by raising trade barriers over the next year.

In a statement issued at an Apec summit in Peru, they said protectionism would only worsen a difficult situation.

US President George W Bush urged Apec countries, which account for half the world's economic activity, to rely on free markets to resolve the crisis.

The meeting is Mr Bush's last scheduled foreign trip as US president.

The statement was issued at the half-way point of the Asia-Pacific Economic Cooperation (Apec) summit.

"There is a risk that slower world economic growth could lead to calls for protectionist measures which would only exacerbate the current economic situation," the Apec leaders said in their joint statement.
It endorses the declaration made at a summit of the Group of 20 rich nations and major developing countries in Washington last weekend.

"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 [and from] imposing new export restrictions," the statement said.

The leaders also said they would push to reach agreement next month on an outline agreement on the stalled Doha round of global free trade talks.