Brazil and other developing countries "are going to work so we can change the rules of the world economy," President Luiz Inacio Lula da Silva said in a speech to Brazilian and American trade investment forum attended by U.S. Commerce Secretary Carlos Gutierrez.

Silva said he lobbied for progress with the stalled World Trade Organization trade several days ago in a phone call with President George W. Bush, and will deliver the same message in India next week to Prime Minister Manmohan Singh.

Global trade talks collapsed in July after a failure to resolve deep differences between how much developing nations should open their markets to manufactured goods. A key sticking point was agriculture subsidies for farmers in the United States and other rich nations, which Brazil wants to reduce or eliminate.

Central banks around the planet must adopt new rules, and governments must make sure financial institutions comply or are punished to prevent another debacle like the U.S.-based mortgage financing crisis, Silva said.

Silva reiterated his belief that Brazil is better insulated from a deep domestic economic crisis because it has put its financial house in order, paying off its foreign debt and accumulating more than US$200 billion in foreign reserves.

As he spoke, however, shares on Brazil's Ibovespa index were down 8 percent after plunging more than 10 percent earlier Friday, triggering a trading halt. Brazil's currency, the real, was also down against the dollar as panicky investors sought to dump emerging market positions seen as risky in the current environment.

Silva said Brazil will stick to its plans for hundreds of billions of dollars in infrastructure investment in coming years, including hydroelectric dams, highway improvements and railways.

Gutierrez echoed Silva's message that liberalized free trade _ and not protectionism _ is the among the most important moves needed to ensure that the global economy advances.

"Being engaged in the world economy is absolutely critical," Gutierrez said.