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Import and substituting imports with domestic production are a big opportunity. With a devaluation of the rupee, imports get expensive, and for Indian manufacturers, this creates a huge opportunity.

Everywhere in the world, whether manufacturing, trade or whatever, it is controlled by one apparatus and one policy perspective. Here we have one prime minister with good intentions, and six ministries running their own empires. This creates problems including the import culture.

With liberalisation, Indian industry gained international exposure because of which it became imperative for companies to rework their strategies to become globally competitive.

In this 21st century world, some of our country's most significant exports and imports extend beyond goods and services: They also include innovation, knowledge, discovery, and healing.

For years, Ireland used to have a philosophy of 'Get them in here to invest and develop in Ireland, and this will sort out our problems.' It is good in the sense of building a trade surplus, but we also want to develop what it is that we offer ourselves and that Irish companies export abroad.

America is becoming more and more dependent upon imports from foreign manufacturers than we are exports from our country in all fields: in appliances, in clothing, even food. This year America may become for the first time in its history a net food importer.

Nonetheless, the developing countries must be able to reap the benefits of international trade.

The nation will benefit in the long term if it continues to be open to foreign expertise. This will help the country to establish its business culture and environment faster, based on international best practice.

Developed countries and advanced developing countries must open their markets for products from the developing world, and support in developing their export and import capacity.