The leaders of 21 Asia-Pacific economies including US President George W. Bush called the crisis "one of the most serious economic challenges we have ever faced," a joint statement said.

"We will act quickly and decisively to address the impending global economic slowdown," it said as a financial meltdown unseen since the Great Depression threatens to plunge most developed nations into recession.

In a separate statement, the leaders predicting the crisis could be overcome by mid 2010.

"We are convinced that we can overcome this crisis in a period of 18 months," they said.

The time-frame was part of a statement on the economy issued on Saturday but, unusually, later revised in the middle of the night, apparently on the urging of host Peru.

In the final declaration, the leaders called for action on the stalled Doha Development Round of global trade liberalisation talks.

"A prompt, ambitious and balanced conclusion to the WTO DDA negotiations would deliver substantial improvements in market access and reduce market-distorting measures in global agricultural trade," they said.

In a concern important to some Latin American member economies, the leaders also promised to "leverage our collective will to combat corruption."

They also instructed officials to further examine prospects for a regional free-trade zone, called the Free Trade Area of the Asia-Pacific.

The study would include "the likely economic impact of an FTAAP, and discussing the possible capacity building requirements for any possible future negotiations."

The leaders, donning Peruvian garb in true APEC fashion on the final day of the summit, also said they were "deeply concerned" that volatile global food prices were blunting poverty eradication efforts.

They also welcomed international efforts to combat piracy and armed robbery at sea and encouraged "further concerted efforts" to fight the menace. - AFP/de