bilateral trade agreement


bilateral trade agreement
An agreement on trade policy between two countries, usually concerning a reduction in tariffs or other protective barriers. Although bilateral deals tend to fragment world trade, governments are attracted by their relative simplicity. The USA, in particular, has used such deals in free-trade agreements with Mexico and Canada and to hasten the resolution of problems with particular trading partners, notably Japan and other Asian countries.

Big dictionary of business and management. 2014.

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