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Foreign trade is not a replacement for foreign aid, of course, but foreign aid to a country that doesn't also engage in significant amounts of foreign trade is more likely to end up in the pockets of dictators and cronies.

Aid can work where there is good governance, and usually fails where governments are unable or unwilling to commit aid to improve the lives of their people.

Some people have been talking about - every place I go, they bring up the issue of foreign aid. I go, 'You can't get rid of all foreign aid.'

In this financial year we will be spending at least $1.5 billion on foreign aid and we cannot be sure that this money will be properly spent, as corruption and mismanagement in many of the recipient countries are legend.

For American foreign aid to become more effective, it must embrace the power of partnerships, access the transformative nature of free enterprise, and leverage the abundant resources that can come from the private sector.

Rich countries have been sending aid to poor countries for the last 60 years. And, by and large, this has failed.

I would replace most foreign aid with a tax credit for businesses to invest. I think U.S. bureaucrats giving foreign bureaucrats money is a guaranteed failure. And we've had about 50 years' experience at failing with foreign aid.

Of course, aid is only one small part of international development. Some of the greatest benefits to the world's poorest can be achieved through policy changes by developed countries.

I think there is a failure in foreign policy. And you have to acknowledge that under Barack Obama, Hillary Clinton was the architect of that foreign policy. Whether it was malevolent or not, I don't know.

We do foreign assistance for altruistic reasons, certainly for humanitarian reasons, of course. But the main reason we do foreign assistance is we do it in the American national interest.