"One of the most powerful engines of development and prosperity is trade and investment, which create new opportunities for entrepreneurs, and help people rise out of poverty, and reinforce fundamental values like transparency and rule of law. For all these reasons, many in these chambers have conducted free trade agreements at bilateral and regional levels. The most effective step of all would be an agreement that tears down trade barriers at the global level. The recent impasse in the Doha round is disappointing, but that does not have to be the final word. I urge every nation to seize this opportunity to lift up economies around the world and reach a successful Doha agreement as soon as possible. Beyond Doha, our nations must renew our commitment to open economies, and stand firm against economic isolationism. These objectives are being tested by turbulence in the global financial markets. Our economies are more closely connected than ever before, and I know that many of you here are watching how the United States government will address the problems in our financial system."