Republican presidential challenger Mitt Romney has laid out some of his foreign policy goals Tuesday in a speech to global leaders meeting in New York.

Mr. Romney said he plans to initiate what he called “Prosperity Pacts” with developing nations. Under the plan, the U.S. government and private sector would identify barriers to investment and trade with developing countries. Countries that removed those barriers and opened their markets to American investment would receive U.S. aid.

The Republican presidential nominee said “an assistance programs that helps unleash free enterprise creates enduring prosperity,” while a “temporary aid package” can only provide a “jolt” to an economy but not sustain it.

Mr. Romney spelled out the proposal at the Clinton Global Initiative forum, hosted by former U.S. President Bill Clinton. President Barack Obama will address the same group later Tuesday.

After his speech in New York, Mr. Romney will travel to Ohio to begin a two-day bus tour of the state with his vice presidential running mate, Congressman Paul Ryan.

Mr. Romney has fallen behind Mr. Obama in several voter opinion polls, both nationally and in several key states that will determine the eventual winner of the November 6 election.

The two men will take part in the first of three face-to-face debates on October 3.