The code demonstrates import aliasing using the 'as' keyword: 1) Import aliasing allows renaming imported values to avoid naming conflicts or provide more context-appropriate names, 2) The 'as' keyword creates a local alias for the imported value without affecting the original export, 3) In this example, 'add' is imported as 'sum' and 'subtract' as 'minus', 4) This feature is particularly useful when importing similarly named values from different modules, 5) It helps maintain code readability by using more appropriate names in the current context, 6) The original export names remain unchanged in the module, allowing other imports to use the original names, 7) Aliasing works with both named exports and namespace imports.