New Zealand Prime Minister John Key called Friday in Lima for further moves to liberalize trade, and urged leaders at the APEC business summit to do everything they can to promote a speedy resolution to stalled Doha trade talks.
Leaders from the Asia-Pacific Economic Cooperation economies were meeting in the Peruvian capital of Lima.
"New Zealand knows very well a critical factor for getting out of our downturn will be our ability to trade our way out of it," Key told business leaders at the meeting on Friday.
"G20 leaders have put their reputations on the line calling for an agreement by the end of this year on the crucial decisions needed to take this round to a successful conclusion," Radio New Zealand quoted him as saying.
He was referring to the call made in Washington last weekend by leaders of the world's biggest economies, the G20, for rapid economic stimulus packages to stabilize financial markets and to make one more push for a global free trade deal before the end of this year.
"Against the background of those political statements and against the background of the international economic turmoil, a failure to follow through in Geneva and deliver the results we need would represent nothing short of political failure," he said.
"Now is most definitely not the time for an individual country to allow the worsening domestic economy to lead to a retreat from global trade and engagement," he added.
John Key, who formerly worked as a trader for Merrill Lynch, said it was up to business leaders around the world to dissuade their governments from taking protectionist measures in the face of the global financial crisis.
He said calls to regulate the financial practices that led to the current global economic situation were entirely appropriate, but said governments should be careful they do not over-react and stifle investment by making credit difficult to obtain.
"Business leaders have a vital role. The task falls to you to urge your governments to make the necessary moves to develop further trade liberalization," he said.
"For global growth the world needs financial markets to function and it needs liquidity. The world needs to trade and interact," he said.
Key said the region was destined to be a major engine for getting the world out of the economic troubles.
Source:Xinhua
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