Bush arrives in Peru for APEC summit
In the final scheduled foreign trip of his presidency, he hopes to bolster confidence in efforts to rescue the global economy and move forward on North Korean nuclear disarmament.
Reporting from Lima, Peru — President Bush arrived in South America on Friday for the final scheduled foreign trip of his presidency, hoping to bolster confidence in efforts to rescue the global economy and move forward on North Korean nuclear disarmament.
The 21 member nations of the Asia-Pacific Economic Cooperation forum, whose summit Bush is attending, account for nearly half of all global trade and 55% of the world's gross domestic product, reflecting in part the ascendance of East Asia and China. Among the organization's members are China and Russia. The Latin American members are Peru, Chile and Mexico.
"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.
Bush is expected to urge support for the consensus that he and other world leaders backed last weekend in Washington. The leaders of the so-called Group of 20, composed of major countries with developed or emerging economies, signed off on a blueprint to spur economic growth and resist new trade barriers, while also calling for improved oversight and regulation.
The president "will be seeking to build on the results" of the Washington conclave, Dan Price, assistant to Bush for international economic affairs, told reporters en route to Lima.
Most APEC members appear likely to back the Bush administration's argument that nations should not turn to protectionism in the midst of economic turmoil.
"At APEC, we hope the leaders will endorse and support the declaration adopted at the [Washington] summit," Price said.
The economic news from the United States has grown worse over most of the last week. The number of unemployment claims soared, the battered auto industry sought a bailout and Wall Street losses mounted before a strong rally Friday.
Dana Perino, the presidential press secretary, didn't answer directly when asked whether the economy was going in the right direction. "We didn't promise immediate results," she said.
Bush is to take part in a number of one-on-one sessions in Peru, including a private meeting held Friday with Chinese President Hu Jintao. The issue of North Korean nuclear disarmament was expected to come up in discussions with Hu and the leaders of Japan and South Korea.
China hosts the so-called six-nation talks on North Korea's nuclear program. North Korea is seeking economic and diplomatic concessions in exchange for dismantling its nuclear operations.
