LIMA, Nov. 22 (Xinhua) -- U.S. President George W. Bush on Saturday called on world economies to keep market open and reject protectionism to overcome the ongoing global financial storm.

    The world leaders must maintain "the power of free market," Bush said in a speech at the Asia-Pacific Economic Cooperation (APEC) Chief Executive Officers (CEO) Summit, held in Lima, the Peruvian capital.

    The APEC meeting comes at a time of "economic turmoil and unprecedented cooperation," Bush told an audience of presidents, ministers and entrepreneurs from the Asia-Pacific region, ahead of the annual APEC leaders' meeting that begins later Saturday.

    Rebuilding confidence is the only way to regain strength and sustain economic growth, Bush said.

    The president called for "unity and determination" among world leaders to take action to modernize financial structure, strengthen transparency and integrity of market, and enhance financial regulations and oversight.

    Rich countries and emerging economies, which have contributed increasingly to the world economy, must "sit at the same table" for dialogue, Bush said.

    The president said he does not hope to solve crisis in a two-day meeting, but expects the leaders to take initiatives that could "lay the foundation for success."

    "We can change the challenges into an opportunity for Asia-Pacific and beyond," said Bush.

    Meanwhile, the president stressed that the U.S. government will "push hard" for the early conclusion of the Doha Round trade negotiations, noting that the G20 leaders pledged in Washington earlier this month to finalize modalities of the agreement by the end of the year.

    The Doha talks, which started in 2001, have been deadlocked over the past seven years and repeatedly missed deadlines. The latest setback came in July when WTO trade ministers failed to wrap up the negotiations due to disagreements between the Untied States and India over a special safeguard mechanism for agricultural products of developing countries.

    Bush arrived in Lima on Friday for the APEC leaders' meeting on Saturday and Sunday. This will be Bush's last time to attend the summit as U.S. president.

    Established in 1989, APEC groups Australia, Brunei, Canada, Chile, China, China's Hong Kong, Chinese Taipei, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Thailand, the United States and Vietnam. 

Special: President Hu Attends Financial Summit, APEC Meeting, Visits Four Nations