(Updates with quotes and background on Colombia)
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 final international address of his term to call on nations to knock down trade barriers, which he called key to improving global economic conditions.
Speaking at the Asia-Pacific Economic Cooperation forum meetings in Peru, Bush said nations must resist the "temptation" to overregulate markets and install protectionist measures.
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 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 free 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 yet passing free trade agreements with Colombia, Panama and South Korea, calling lawmakers' failure to do so, "extremely disappointing."
He said he 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, recently in Washington 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 on Sunday.
-By Leslie Josephs and Robert Kozak, Dow Jones Newswires; 51-1-98853-8610; peru@dowjones.com
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(END) Dow Jones Newswires
November 22, 2008 12:53 ET (17:53 GMT)

Publié le 22 novembre 2008 Copyright © 2008 Dowjones