APEC leaders say no protectionism,yes to Doha

Pacific Rim leaders pledge no new protectionism for 12 months, say they’ll wrap up Doha soon.

LIMA, Peru (AP) — Leaders who oversee half the world’s economy pledged Saturday to avoid protectionism but shied away from any new proposals on the financial crisis because of somebody who wasn’t there: U.S. President-elect Barack Obama.The 21 leaders endorsed last weekend’s agreement by major world economies to resist domestic pressures to protect industries, while ensuring that small and medium-sized companies have enough credit to stay afloat.

“We strongly support the Washington Declaration and will refrain within the next 12 months from raising new barriers to investment or to trade in goods and services (and from) imposing new export restrictions,” leaders of the Asia-Pacific Economic Cooperation forum said in a joint declaration.

They also pledged to reach agreement next month on the outlines of a World Trade Organization pact that collapsed in July after seven years of negotiations. Concern over the global financial crisis injected new urgency into the so-called Doha round of trade talks.