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The 21-member Asia-Pacific Economic Cooperation (Apec) grouping threw its weight behind the Group of 20's declaration to stem protectionist measures in a strongly-worded statement focused entirely on the woes besetting the global economy.
Nine of the Apec members are part of the G-20 group of developed and emerging economies. The other 12 Apec countries range from Singapore and Papua New Guinea to New Zealand and Peru.
As the G-20 did in Washington last weekend, they pledged not to raise trade and investment barriers over the next 12 months. In some ways, Apec went further than the G-20, using stronger language to call for a resumption of the Doha Round of trade talks which stalled in July.
It said it was 'committed' to reaching agreement on the modalities or fundamentals on tariff-cutting mechanisms next month. In Washington last weekend, G-20 leaders said they would 'strive' to revive and conclude the Doha Round, which broke down because of disagreements between the United States and China and India over agricultural subsidies.
That the financial crisis roiling the world economy was uppermost in the minds of leaders whose countries account for more than half of the world economy was reflected in the issuance of a special statement on Day 1 of the Apec leaders' retreat on Saturday.
'We reiterate our firm belief that free market principles, and open trade and investment regimes, will continue to drive global growth, employment and poverty reduction,' the leaders said.
The phrase 'strongly support' appeared three times in the one-page statement, in reference to the Washington Declaration's action plan to, among other things, reform and strengthen international financial institutions to 'reflect the increasing voice and representation' of the developing and emerging economies.
A separate Leaders' Declaration to be issued at the end of Day 2 is expected to dwell on topics that have formed much of the Apec agenda in recent years, such as reaching the long-term goal of a Free Trade Area for the Asia-Pacific.
They are likely to call for the acceleration of regional economic integration and further cuts in trade transaction costs.
Apec meetings over the past week have taken place against a backdrop of bad news, as the financial crisis resulted in a tightening of credit. Several countries, including Singapore, have reported slipping into recession in recent weeks.
To a man, politicians have made it clear that they reject protectionism as a means to save jobs, with several warning that this would lead to a repeat of the 1930s Great Depression.
But while out-going US President George W. Bush reaffirmed his country's commitment to 'free trade, free markets and free people' when he spoke to businessmen on Saturday, uncertainty remains over the trade policies of the incoming Obama administration.
Said Mexico's President Felipe Calderon: 'The next US administration must assume leadership in a very firm manner, not just for Americans but for the whole world.'
Also, while there is general consensus that the world must make concerted efforts to pull up the economy, ideas of how this should be done varied, going by the speeches made by leaders.
Canadian Prime Minister Stephen Harper criticised the US approach of taking stakes in banks to save them from going under. Better regulation is what was needed, he said.
Indonesia's President Susilo Bambang Yudhoyono wants oil-rich Middle Eastern countries to pull their weight while Chinese President Hu Jintao reiterated that his country's four trillion yuan (S$877 billion) fiscal stimulus is already its chief contribution to stabilising the world economy.
Singapore Prime Minister Lee Hsien Loong noted the imbalance in global consumption and savings when he met his counterparts during the retreat.
Major Asian countries would have to consume more, and not depend on the American consumer to fuel growth financed by borrowing, he said.
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