Leaders of Asia and the Americas face pressure on economy

LIMA, Peru (AP) - President Bush and other leaders of the Americas and Asia are gathering in Peru for a weekend summit on economic cooperation.

By: Associated Press | WNCT
Published: November 22, 2008

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LIMA, Peru (AP) - President Bush and other leaders of the Americas and Asia are gathering in Peru for a weekend summit on economic cooperation.

The 21 countries of the Asia-Pacific Economic Cooperation forum are facing growing pressure to stop the spread of the global financial crisis and revive free-trade talks.

Leaders and experts in the capital Lima are pointing to another week of sharp plunges on the world's stock markets as evidence that much more action is needed.

China's President Hu Jintao (hoo jin-tow) told a meeting of CEOs today that the Pacific Rim countries should "take prompt and effective measures" to stop the spread of the financial crisis.

Leaders of nine of the 21 countries attending this weekend's summit in Peru were also at last weekend's G-20 meeting in Washington. They're warning against any moves toward protectionism. It's expected they'll commit to wrapping up the broad outlines of a free-trade agreement by the end of the year.