Bush, world leaders vow quick action

Meeting in Peru seeks decisiveness, unity on economy

President Bush, with Taro Aso (left), Japan's prime minister, and Lee Myung-bak, South Korea's president, at the summit in Peru. (Daniel Acker/ Bloomberg News)

LIMA - President Bush and other world leaders vowed yesterday to act "quickly and decisively" to battle the global economic crisis, as a 21-nation summit predicted worldwide recovery in 18 months.

The final declaration from the Asia-Pacific Economic Cooperation forum was short on specifics, beyond a vow by participating nations to avoid pressures to implement "protectionist" measures, such as import restrictions.

The 18-month timetable was reportedly inserted at the insistence of Peruvian President Alan Garcia, who played host to the three-day session of Pacific Rim countries, which account for about half of all global economic output. "We are going to defeat this crisis," Garcia vowed.

But several participants, including Mexican President Felipe Calderon and Canadian Prime Minister Stephen Harper, described the 18-month time line as more of a goal than a prediction.

The summit - Bush's final scheduled foreign trip as US leader - may have been more symbol than substance, analysts agreed. But the forum gave the White House the added support it had sought for its broad guidelines to avert a worsening global crisis.

The APEC group strongly backed what is called the "Washington Declaration," a blueprint for economic stimulus and improved regulation developed by 20 participating nations this month in the US capital.

"We . . . will take all necessary economic and financial measures to resolve this crisis, taking the necessary actions to offer hope to those most in need," the APEC group said in its concluding statement.

Participating nations such as China, Japan, and the United States already have enacted massive economic rescue packages in a bid to limit the fallout from the economic bust.

Earlier, Bush had urged the Pacific Rim nations to endorse the Washington guidelines, including a commitment to modernizing the traditional watchdog role of governments.

"There's a recognition that, while our economies have changed, the financial structures that we are dealing with were primarily written in the 20th century," Bush told gathered leaders here. "We believe in transparency and integrity in the markets that will make sure that firms and financial products are subject to proper regulation and oversight."

The president's imminent departure from office had a clear effect on the summit's proceedings. President-elect Barack Obama was not represented.

Calderon warned Obama against trying to rewrite the North American Free Trade Agreement. Obama has expressed reservations about the almost 15-year-old trade pact among the United States, Mexico, and Canada. Restricting commerce, warned Calderon, a staunch US ally, could spur additional illegal immigration to the United States by shutting down jobs in Mexico.

"The day access is closed," Calderon told business leaders here, "workers will jump over whatever river or wall you put there."

Participating nations were keen to know what was next from Washington.

"The very understandable concern of these foreign governments is, 'Will the new administration do some sort of policy review? Will it try to work with some new ideas?' " Dennis Wilder, the White House's top East Asian adviser, told reporters.

During a visit with Russian President Dmitry Medvedev, Bush noted that it would be his last meeting as the sitting president with the leader of Russia, and he reflected on his legacy.

"We've had our agreements, we've had our disagreements," Bush said. "I've tried to work hard to make it a cordial relationship, though, so that when we need to work together, we can, and when we disagree, we're able to do so in a way that is respectful of the two nations."

Medvedev thanked the president and called their joint efforts "successful."