bilateral trade

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Bilateral Trade

The barter of goods between companies and/or governments in two countries, almost always without recourse to currency. Bilateral trades were more common during the Cold War; the Soviet Union conducted bilateral trades to allow for its government to serve as one party while a private company in another country served as the other. Bilateral trades have become rare since except for highly sensitive goods like nuclear material.
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bilateral trade

the trade between two countries. Bilateral trade is a part of INTERNATIONAL TRADE, which is multilateral in scope. See MULTILATERAL TRADE, COUNTERTRADE.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
Bermuda often is represented as marking the triumph of bilateralism over multilateralism, underlining the continuing relevance of air sovereignty as the foundation of the IAS.
As Helen Milner argues, the increasing internationalization of the world economy provides an important check on illiberal policies; this argument can be extended to explain limits on "bad" bilateralism and regionalism as well.
Moreover, bilateralism cannot work in a credible sense owing to the legacy of mistrust and hostility between India and Pakistan that spans generations.
The Asian countries must overcome the prevailing bilateralism to be able to benefit from the international division of labor more than has been the case thus far.
William Tow in the next chapter takes a somewhat contrarian view, arguing that bilateralism, including a version he calls "enriched" bilateralism, will remain of paramount value but may be usefully merged with multilateral institutions to develop "convergent security" which could in his words "reconcile the imperfections of both bilateralism and multilateralism".
Bilateralism costs much more in time, money, and lives than multilateralism; terrorism's "root cause" (which Clark laudably defines as "the extreme Wahhabist ideology and funding from Saudi Arabia") has been unaddressed; intelligence has been recklessly warped for political purposes; the military is stretched perilously thin.
Spokesman Aziz Mohammad Khan also said in response to a question that the concept of bilateralism accepted by India and Pakistan in the Simla agreement signed in early 1970s has not been effective since India was refusing to hold talks with Pakistan to resolve outstanding issues.
However, India used the mantra of 'bilateralism' for evading the negotiating table through third party mediation.
As bilateralism has failed to bring peace to the subcontinent, perhaps Imran Khan should launch a diplomatic push and approach Mr Trump to deliver on his offer to mediate.
Their mutual cooperation will move into a solid space.China and Japan have the opportunity to "take charge of the economic field" during a time of worldwide uncertainty, Japan's foreign minister said, as trade pressures from the United States have prompted both countries to seek alternative markets and to promote bilateralism.
Justice (Retd) Malik underlined that because of the hostile and delaying tactics of India, the bilateralism has failed to resolve the Kashmir issue through talks between India and Pakistan, the issue of Jammu and Kashmir issue should be settled in line with the recognized United Nations resolutions which clearly spoke of the early grant of the birth right of self determination to Jammu Kashmir people.
The patterns of bilateralism between the two countries are of non-endurable nature.

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