Choose openness, trade and tolerance, and you will find prosperity, liberty and knowledge

President Bush

The declaration also condemned the 11 September terrorist attacks but stopped short of backing US-led bombing raids on Afghanistan.

The statement came as leaders of 21 countries from Apec ended their second day of talks in Shanghai.

While the talks were dominated by the terrorism issue, business leaders say the threat of global terrorism helped boost the momentum towards free trade in the region.

With President George W Bush using the summit to ensure support for the coalition against terrorism, some observers had feared that free trade would be pushed off the agenda.

But, after meeting with political leaders, business executives said the need to help the region's economies had been sharpened by the terrorist attacks and subsequent action.

Stimulating growth

The leaders also vowed to limit the economic damage caused by the attacks.

"The leaders have determination and confidence to deal with the economic slowdown and financial stability, particularly after the terrorist attacks, with private sector," said Qin Xiao, chairman of the business council.

China has imposed tight security at the summit

And a business group advised the Asia-pacific leaders that liberalizing trade and investment rules would be an effective way of stimulating economic growth in the region.

"The current downturn has tempered the short term outlook for the region and the downturn risks have been increased," commented Chinese President Jiang Zemin, at the end of the summit in his country's financial capital.

No commitment to fiscal change

But the final text did not commit to expansive fiscal and monetary policies mentioned in a draft document.

"It is important for all economies to take timely policy actions to strengthen markets and facilitate an early pick-up in global economic activity," read the final text.

Business leaders also urged the 21 Apec economies to push for a new round of World Trade Organization talks next month and a "balanced approach to globalisation".

And the declaration also committed member countries to choking off terrorist groups' funding.

Bush's plea

On Saturday, President George W Bush urged Apec to unite against terrorism, promising that the 11 September attacks would not stop the building of free markets and free trade around the world.

The BBC's Rob Watson, travelling with the president, says Mr Bush contrasted the bleak world view of Osama Bin Laden to the dynamism of Apec countries.

"Choose openness, trade and tolerance, and you will find prosperity, liberty and knowledge. Choose isolation, envy and resentment, and you will find poverty, stagnation and ignorance. Our nations have chosen - we have chosen freedom over fear," Mr Bush said.

Mr Bush said Apec would agree what he called "new and useful" tools to enhance trade, and promised that the US would do its part to restore economic momentum.