LIMA (AFP) — Leaders of the Pacific rim are set to meet to chart ways to boost trade despite turmoil in the global economy, as aspiring powers China and Russia bid farewell to US President George W. Bush.
Leaders from 21 Asia-Pacific economies accounting for half of the world’s trade were due to huddle in Peru’s capital Lima on Saturday as the global economy showed little sign of returning to health.
A week after a 20-nation summit in Washington urged action to repair the crippled financial system itself, the Asia-Pacific summit was expected to focus on defending free trade as a way to kickstart slowing economies.
“There is a substantially advanced boutique industry called ‘gloom and doom’ that is all about people saying how bad it is,” Australian Prime Minister Kevin Rudd said.



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