Bush backs Apec free trade zone

Asia represents about half of global trade

US President George W Bush has stressed the need for Asian leaders to back an Asia Pacific free trade zone, during a speech in Singapore.

Mr Bush, who is heading to the Asia-Pacific Economic Co-operation (Apec) summit in Vietnam, said the idea needed "serious consideration".

The US hopes that such a free trade zone could help global trade talks.

World Trade Organization (WTO) talks collapsed in July after countries failed to reach agreement on subsidies.

'Economic growth'

The US is not suggesting embarking on a regional free trade zone at the expense of WTO talks, but rather using them as a means to get the stalled trade talks back on track.

"Only an ambitious Doha agreement with real market access can achieve the economic growth and development goals that this world has set," said Mr Bush at the National University of Singapore.

The global WTO talks were meant to boost free trade for the benefit of developing countries.

But an inability by the US and Europe to agree over how to reduce agricultural subsidies caused the talks to stall in the so-called Doha round.

In an earlier statement, the White House said: "We look to nations across the Asia-Pacific region to help put these vital talks back on track."

The idea behind an Apec-wide free trade zone was first mooted two years ago as a way to harmonise regional trade agreements.

The stop in Singapore is part of a week long Asian trip for Mr Bush, that will see him meet up with Apec members including China, Japan and Taiwan among others.