3rd UPDATE: Bush Makes Final International Push For Free Trade
By Leslie Josephs and Robert Kozak Of DOW JONES NEWSWIRES LIMA -(Dow Jones)- U.S. President George W. Bush on Saturday used what is likely to be his term's final international address to urge nations to knock down trade barriers, which he called key to improving global economic conditions.
Speaking at the Asia-Pacific Economic Cooperation summit in Peru, Bush said nations must resist the "temptation" to overregulate markets and install protectionist measures.
"The only way to regain strength in the long term is sustained economic growth," Bush said.
He said free-market policies have led to the rise of strong emerging economies in the Pacific Rim, where he said the global "economic stage" has now shifted from the Atlantic region.
Bush said economic freedom "can help chart a path to recovery for the whole world."
But echoing comments from other heads of state at this year's annual Pacific Rim meeting, Bush acknowledged that the free-market system is imperfect.
"In the wake of the financial crisis, free markets have been under very harsh criticism, from the left and from the right," he said.
"It's true that the free-market system is not perfect," he added. "It can be subject to excesses and abuse. As we've seen in recent months, there are times when government intervention is essential to restart frozen markets and protect overall economic health. Yet it is also essential that nations resist the temptation to overcorrect, by imposing regulations that would stifle innovation and choke off growth."
Less than two months before he leaves office, Bush said in his speech that more free-trade agreements are necessary, and railed against the U.S. Congress for not passing free-trade agreements with Colombia, Panama and South Korea, calling lawmakers' failure to do so "extremely disappointing."
Ahead of the summit, U.S. Trade Representative Susan Schwab told foreign journalists that the Colombia trade pact is "first in line" for a vote in Congress.
Bush said Saturday that he had earlier met with Colombian President Alvaro Uribe, one of Washington's staunchest allies in Latin America and the recipient of billions of dollars in U.S. counter-drug aid, and called the leader "a great friend" whom the U.S. must never "turn its back on."
Bush, who met with members of the Group of 20 nations in Washington earlier this month to discuss the global economic crisis, said Saturday that recovery from current financial turmoil "will take some time," but that governments must not erect trade barriers.
He said trade protectionism at this point would constitute "economic ruin."
Bush also said that the U.S. will remain engaged in the Asia-Pacific region.
Bush plans to hold a number of bilateral meetings with leaders of the other nations participating in the APEC summit, which is scheduled to end Sunday.
-By Leslie Josephs and Robert Kozak, Dow Jones Newswires; 51-1-98853-8610; peru@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=rCSkXsgfWtl6uJh5Tug%2BKA%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
November 22, 2008 16:07 ET (21:07 GMT)
Publié le 22 novembre 2008 Copyright © 2008 Dowjones
Partager sur:
