WASHINGTON - US President George W. Bush moved Saturday to set an agenda for an upcoming international economic summit aimed at overcoming the current financial turmoil, saying its participants must "recommit" to the principles of free enterprise and free trade.

"As we focus on responses to our short-term challenges, our nations must also recommit to the fundamentals of long-term economic growth -- free markets, free enterprise, and free trade," Bush said in his weekly radio address.

He added that "open market policies have lifted standards of living and helped millions of people around the world escape the grip of poverty."

The comments came after the White House announced that leaders of the world's richest nations and biggest emerging economies will gather in Washington on November 15 for an unprecedented summit on tackling the global financial crisis.

Bush will host the summit 11 days after the US presidential election, but it is unclear whether the man Americans pick to succeed him -- Democrat Barack Obama or Republican John McCain -- will attend as well.

The global financial meltdown has led to calls for reform and joint action by G20 governments, with Europeans suggesting it is time to replace the Bretton Woods agreement that has guided international finance since World War II.

In his address, the US president said that during the summit, world leaders will begin developing principles of reform for regulatory bodies and institutions related to the financial sector.

He acknowledged that "specific solutions pursued by every country may not be the same," but warned that now would be the wrong time to reject "proven methods for creating prosperity and hope."

Free enterprise and free trade "have shown themselves time and time again to be the surest path to creating jobs, increasing commerce, and fostering progress," Bush argued. - AFP/vm