Technology has also changed the terms of trade for many small, local companies.

"Our terms of trade as we go through the next few years are going to be higher than they have been historically," he added.

"But we can change the terms of trade by moving up the technology ladder," he said.

"They don't have any business in trade terms with independent systems outside the Empire."

Oil price hike means worst terms of trade in 30 years.

Unless your terms of trade have been agreed before this, they do not apply.

Since the 1970s deteriorating trade terms have cost developing countries a great deal.

He said: "That used to be the terms of trade.

It is respected in trade terms, I can assure you of that.

After that, in trade terms, we just "fire and forget".