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bilateralism |
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bilateralismIn economics, a trade agreement between two countries or groups of countries in which they give each other preferential treatment. Usually the terms agreed result in balanced trade and are favoured by countries with limited foreign exchange reserves. Bilateralism is incompatible with free trade. |
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Bilateral trade between China and Saudi Arabia, the region's biggest economy, increased 30 percent between 2005 and 2006 alone. The current US sanctions programme is not immediately impacting the Syrian economy since even before the 2003 legislation, the volume of bilateral trade between the two countries was low, reaching only $300m in 2002. Once the agreement comes into force, he added, 100% of bilateral trade in consumer and industrial products would become duty free, with a phase-out of the remaining tariff in a 10-year period. |
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Bilateral trade
