The ministers' recommendations to avoid raising tariff barriers and to deepen economic integration among members of the Asia-Pacific Economic Cooperation, or APEC, trade group, will be presented to a summit of leaders at the weekend.
U.S. President George W. Bush and the leaders of other APEC countries, which together account for more than half of global economic output, are expected to use the summit to give another push to the long-stalled world trade talks known as the Doha round.
"We insist that at these times of crisis we are against any protectionist sentiment and we reaffirm our commitment to opening trade and to investment," Peru's Foreign Minister Jose Antonio Garcia told a news conference.
Nine members of APEC are also in the G20 group of leading economies that last week agreed to take fiscal stimulus measures to stave off a deep recession.
The ministers meeting in Lima said they supported recommendations from the G20 group, including more funds for the International Monetary Fund to support emerging economies, and reviews of major global banks.
But it is unclear what specific steps can be taken as Bush is in his last weeks in office, and U.S. President-elect Barack Obama may not make free trade pacts a priority.
According to the IMF, the only developed economy that will expand next year is Canada. Japan is in recession, and so are Italy, Germany and the wider euro zone.
Leaders from Japan, Canada and other Pacific Rim nations such as South Korea, Taiwan and Mexico will meet in Lima's fortified defense ministry as thousands of police patrol the coastal capital to prevent an attack by leftist guerrillas, who launched a series of recent attacks in Peru's Andes.
Trade Agreements
APEC has been accused in the past of moving too slowly at the regional level, so several countries were busy advancing bilateral or multilateral trade agreements.
Peru and China said on Wednesday that they had concluded talks for a trade pact that could be signed by March.
Chinese President Hu Jintao is the first Chinese leader to ever visit Peru. He brought dozens of officials and business leaders with him, raising hopes for large Chinese investment in Peru and elsewhere in resource-rich Latin America.
Also, the United States, Australia and Peru said on Thursday they would start negotiations on a free-trade agreement with the so-called "P4" countries—Singapore, Chile, Brunei and New Zealand—a New Zealand official said on Thursday. It has been dubbed "P7".
"We're trying to work through the economic turmoil and this is part of the answer," said New Zealand Trade Minister Tim Groser.
Chilean Foreign Minister Alejandro Foxley said the seven countries should agree on the basics of a free-trade agreement by March, and then invite other APEC members to join.
But similar pledges in the past have not led to action, and critics say the countries should instead be focusing on the financial crisis and taking concrete steps to .
"As the regional economy is buffeted by financial storms and sliding toward recession, how useful can this kind of broad dialogue be for the region?" wrote University of Hong Kong politics professor Richard Hu in a report for the Brookings Institution.
