Bilateral Trade

-


Bilateral Trade is an agreement where two countries agree to have equal amounts of trade between each other. It means if one country has a trade deficit, it has to be made up so that the trade levels meet. This is inferior to multilateral trade where a country trades with numerous other countries and doesn’t worry about bilateral trade deficits.


Bilateral Trade Agreements

This is an agreement between two countries, or between two trading blocks. It means that they may agree to reduce tariffs between each other but at the expense of other countries not in the bilateral trade agreements.


Examples of Bilateral trade agreements

Nigeria -Korean Economic Forum

ASEAN – China Free Trade Area (ACFTA), in effect as of 1 January 2010

EU – Japan Economic Partnership Agreement (2018)

US – EU United States (TTIP – Transatlantic Trade and Investment Partnership) – in negotiation.




Comments

  1. HON. NWABUEZE Buchi GeorgeJuly 31, 2021 at 8:25 PM

    HON NWABUEZE BUCHI GEORGE ESQ LLB,LLM,MBA,JP,FME, PRESIDENT, GLOBE CHAMBER OF COMMERCE AND INDUSTRY, EXECUTIVE DIRECTOR, TRADE NIGERIA, CHAIRMAN FOWCOM LTD

    ReplyDelete

Post a Comment

Popular posts from this blog

Globe Chambers of Commerce and Industry Set Date For World Economic and Investment Forum in Estonia

-
Image
  Globe Chambers of Commerce and Industry (GCCI) has scheduled World Economic and Investment Forum Conference tagged Baltic – Europe Edition to hold from 15th to 17th September 2023. The baltic-Europe edition is one of the programs lined up by Globe Chambers of Commerce and Industry as the organization looks to also connect with other nations of the Western world The project taking place at Unibet Arena in Tallinn, Estonia will feature a business forum, bilateral trade partnership, a World trade summit and expo, government-to-government meetings, as well as production, manufacturing, and trade finance. It will also feature a production fair and exhibition, business dinner, and economic cooperation and have her special guest of honor from the government and private sectors, international guests, and keynote speakers with 2000 delegations and exhibitors. With the event fixed for September 2023, the president of Globe Chambers of Commerce and Industry, Hon. Nwabueze Buchi George, who ...
Read more

Globe Fashion Week & Awards 2023: "We are not just taking fashion to Korea, we are also introducing Korea's uniqueness in fashion to the world”- GCCI President

-
Image
  Global Fashion Week & Awards is a groundbreaking opportunity for companies that operate within the context of textile and shoe manufacturing to showcase their products to a global audience.    The program which is designed for October 2023, in Seoul, South Korea will be jointly powered by the Globe Chamber of Commerce and Industry (GCCI), and the Korea Model Association (KMA), with the goal of providing a global platform for outstanding textile companies and shoe industries to network, connect, share their innovations and promote excellence. The program will create a business matching niche for upcoming but outstanding textile companies, and shoe manufacturing industries to be recognized.   According to the president of Globe Chamber of Commerce and Industry (GCCI), Hon. Buch George in his remarks at a press interview stated, the world focus is seriously on Korean culture right now. Korea Pop music (K-...
Read more

Weiforum Conference UK 2023: A global initiative with the opportunity to support and influence trade, investment, and business development.

-
Image
Globe Chamber of Commerce and Industry (GCCI), one of the foremost international trade development organizations is propagating  ' Weiforum Conference Uk ' as a tool that will change business narratives.  speaking during the program announcement, Hon. Buchi George, who is the president of the Globe Chamber of Commerce and Industry, revealed that the  World Economic and Investment Forum (WEFORUM) Conference UK, is  a tool that will change the global business perspectives. adding that WEFORUM CONFERENCE Uk which is an international conference, trade summit, and product exhibition platform is created to facilitate all-inclusive international trade development and investment between countries and continents.  "Aside from the fact that the conference upholds all that our organization believes, the conference is timely as the world is trying to create a balance in trade and investment", he complimented.  "The Conference will primarily focus on business developmen...
Read more