Lima  - US President George W Bush said Saturday in Lima that the governments of industrialized nations "have to keep their promises to the developing world," even in time of crisis.

Speaking to business leaders ahead of the 16th annual Leaders' Meeting of the Asia-Pacific Economic Cooperation (APEC) forum in Peru, Bush - set to leave the White House in January after eight years in office - noted that the benefits of free trade "are beyond doubt."

"We agree to keep our markets open and firmly reject protectionism," he said.

Bush made a strong call to conclude the Doha Round of talks at the World Trade Organization (WTO), which are currently stalling over disagreements on agricultural subsidies and other issues.

"We refuse to accept protectionism in the 21st Century," he said.

While praising APEC for its commitment to an open economy, and for its performance, Bush called upon the group's members to continue working to break down trade barriers on a global scale.

Bush, who is set to hand over power to Barack Obama in just two months, told economic leaders from Asia-Pacific that Washington will not forsake the region and that it will continue to cooperate with its nations "long after this crisis has passed."

"Our partners can be confident that the compassion agenda of the United States will continue," Bush stressed.

Bush defined the United States as "a Pacific nation" and noted that his administration has been "actively and consistently engaged" in APEC.

"I made APEC a priority. I've been to every single APEC summit," he noted.

He underlined the fact that Washington will retain its commitment to help developing nations improve the health and education conditions for their people.

"This summit comes at a serious time, during economic turmoil," he said, just a couple of hours before he withdrew to talk to the leaders of the other 20 APEC economies about "the financial situation."

Bush reviewed last weekend's G20 summit in Washington and said it delivered a "powerful message of unity and determination" at a time of crisis.

He underlined his support for a liberalized economy, in a context of what he called "free markets, free trade and free people." However, he admitted that there is room for other agents to help perfect their work, within limits.

"Government intervention is essential," Bush stressed.

However, he also emphasized the fact that nations must "resist the temptation to overcorrect" market functions.

"Our nations must maintain confidence in the free market," he noted.

Like other leaders speaking to the two-day APEC CEO Summit, Bush expressed his confidence that the world "will recover" from the current economic crisis.

"We can turn the challenge we face today into an opportunity," he said. (dpa)