“If we are to earn our living in the rest of the world, we also need to forge stronger relationships with countries like Brazil, Russia, India, China, Turkey, Nigeria and South Africa.

“I have led trade missions to six of these countries and the Deputy Prime Minister has taken a business delegation to Brazil.

“Now one former Labour minister called this "low grade mercantilism".

“That comment says so much about what's gone wrong with foreign policy in the past.

“We forgot old friends, missed new opportunities and damaged Britain's interests as a result.

“I'm proud - not embarrassed - to fill planes with businessmen and women and heading off to visit the most vibrant markets on the planet.

“I'm not intending to reduce international relations simply to a commercial agenda.

“In dealing with other countries, their politics matter. But when the politics are troubling the answer isn't to deal with the politics and put the trade on hold.

“We must be bold enough to try and deal with the politics and the trade at the same time.

“In September I was the first British Prime Minister to visit Russia for five years.

“Of course there are things on which I think Russia is in the wrong.

“The Litvinenko case. Magnitsky. Khodorkovsky.

“We can't pretend these differences - of human rights, the rule of law - don't exist. They do. We should always be a champion of human rights - and we should address our differences candidly.

“But we should not allow them to define and limit the whole relationship.

“It's in our interests - and Russia's - to offer British companies new opportunities to trade and invest...

...to support Russia joining the World Trade Organisation...

...and to develop our partnership in key growth sectors like science and innovation.

“Shared prosperity is one of the best ways to ensure shared security.

“I simply refuse to accept we have to choose between politics and trade.

“I believe we can advance both.

“Here we are in the City of London - the centre of world trade and commerce from commodities to currencies.

This is the place the planet looks to raise capital, float a business, set the price of the goods which power the world economy.

“No other market on earth can match the City of London for the range and scale of its activities - a place that has always reached out to the world.

“This country has always been at its best when it projects its influence.

“When it stands up for its values and defends its interests.

“Open. Outward looking. Engaged.

“Knowing that success at home can never be separated from what happens abroad.

“To get the best for Britain we must always reach out to the world. And that is what this government will always do.”

Cameron speaking at Lord Mayor's banquet Getty