The recent hurricane in financial markets has not yet significantly affected trade flows. However, the lack of regulation that has been blamed for the current financial crisis is leading to calls for stronger rules of commerce through a new trade agreement. China's deputy WTO ambassador, Xiang Zhang, believes that concluding negotiations for a new trade deal would send a positive signal to the world economy and business community. Conversely, failure to reach a deal after seven years could result in a new crisis of confidence in business. WTO Director-General Pascal Lamy is still aiming to achieve a preliminary agreement on agriculture and industrial goods by the end of the year in the Doha round, launched in 2001. Both Lamy and EU trade chief Peter Mandelson have expressed concern that the financial crisis could lead to an increase in protectionism, which would hinder economic growth. They believe that a new trade deal is necessary to secure the benefits of globalization. The crisis may also divert the attention of world leaders away from trade issues, making it difficult to reach an agreement. However, the proposed $700 billion bailout for the U.S. financial industry could help alleviate some of these concerns. Any trade deal would not be finalized until at least 2009 or 2010, and its implementation would take several years, delaying its economic impact. This delayed effect would also prevent any immediate financial market changes in response to changing trade flows. Experts believe that a trade deal would improve business confidence by indicating a reduction in barriers to business, a well-functioning world trading system, and successful global cooperation. According to Fredrik Erixon, head of the Brussels trade policy think-tank ECIPE, existing WTO agreements prevent countries from significantly increasing tariffs. He also expressed optimism that a financial crisis would not lead to economic nationalism like in the 1930s. However, the current climate of deregulation being blamed for the crisis and criticism of Anglo-Saxon laissez-faire liberalization by French President Nicolas Sarkozy and German Finance Minister Peer Steinbrueck could hinder progress in trade talks, particularly in liberalizing trade in financial services. However, during a meeting in July, governments indicated their willingness to open up markets to various services, despite the credit crunch not hindering negotiations on banking. John Cooke, the chairman of the Liberalisation of Trade in Services Committee, emphasized the distinction between market access, the focus of trade negotiations, and financial contagion, a regulatory concern. Cooke highlighted the inevitability of globalization, with increasing trade and investment leading to international economic interdependence. He emphasized the importance of financing trade and investment as the world continues to globalize. Trade rounds aim to not only liberalize commerce but also establish fair rules for the international trading system that benefit all countries. In the current Doha round, developing countries are advocating for the reduction of agricultural subsidies in rich nations, which artificially lower prices and disadvantage farmers in poorer countries. Munir Ahmed, secretary-general of the International Textiles and Clothing Bureau, likened these subsidies to short-selling in the stock market, where investors borrow and sell shares they believe are overvalued in hopes of buying them back at a lower price. Ahmed, a former Pakistani ambassador to the WTO, emphasized the importance of reaching a Doha deal to establish regulations in international commerce and highlighted the added urgency due to the financial crisis as a reminder that good times do not last forever. With the economy experiencing significant growth in recent years, many companies have not felt the urgency to advocate for changes to trade regulations that would prevent protectionism from resurging. As a result, there has been less pressure on governments to finalize a deal, leading to the possibility of reversing unilateral tariff and subsidy cuts. New Zealand's WTO ambassador, Crawford Falconer, emphasized the importance of addressing this issue promptly to prevent setbacks in the financial world.