WASHINGTON, NOV 23: With South Korea joining the Philippines, Thailand and Indonesia to seek the help of the International Monetary Fund (IMF), Japan's economic problems and the woeful state of the Chinese banking system, the Vancouver summit of the Asia Pacific Economic Cooperation (APEC) will be a gloomy one, according to analysts.

The ``rescue-and-bail-out'' package for South Korea may well turn out to be the international community's biggest event as the Pacific rim countries pledged today, ahead of the summit next week, to go ahead with trade liberalisation as a remedy for the financial crises plaguing many Asian economies. South Korean Finance Minister Lim Chang Yuel said his country would need about $ 20 billion in loans from the IMF amd but he reserved the right to ask for more if that proved insufficient. Canadian Trade Minister Sergio Marchi said the Asian turmoil strengthened the resolve of foreign and trade ministers at APEC forum to further liberalise trade. ``There was an incredible amount of leadership displayed around the table and the resolve to look at the long term and to see trade liberalisation as an answer and the right medicine...'' Marchi said after a two-day ministerial meeting. He said the 18 APEC economies would not retreat from their commitment to free trade, adding that the ministers wanted to send a strong message to financial markets, which have been rocked by Asia's currency crisis.