Bilateral trade is the exchange of goods between two nations promoting trade and investment.
The two countries will reduce or eliminate tariffs, import quotas, export restraints, and other trade barriers to encourage trade and investment. In the United States, the Office of Bilateral Trade Affairs minimizes trade deficits through negotiating Joint trade agreements with new countries, supporting and improving existing trade agreements, promoting economic development abroad, and other actions.
Understanding Bilateral Trade
The goals of bilateral trade agreements are to expand access between two countries’ markets and increase their economic growth. Standardized business operations in five general areas prevent one country from stealing another’s innovative products, dumping goods at a small cost, or using unfair subsidies. Bilateral trade agreements standardize regulations, labor standards, and environmental protections.
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