Bilateral trade or clearing trade is trade exclusively between two states, particularly, barter trade based on bilateral deals between governments, and without using hard currency for payment. Bilateral trade agreements often aim to keep trade deficits at minimum by keeping a clearing account where deficit would accumulate.
The Soviet Union conducted bilateral trade with two nations, India and Finland. On the Soviet side, the trade was nationalized, but on the other side, also private capitalists negotiated deals. Relationships with politicians in charge of foreign policy were especially important for such businessmen. The framework limited the traded goods to those manufactured domestically and as such, constituted a subsidy to domestic industry.
Bilateral trade was highly popular within Finnish business circles, as it allowed the commission of very large orders, additionally with less stringent requirements for sophistication or quality, if compared to Western markets. The Soviet side was motivated to participate in clearing trade because the arrangement essentially provided cheap credit. The option was to sell obligations to the international market, and pay interest in hard currency. Capital, such as icebreakers, train carriages or consumer goods, could be obtained from Finland, and the cost would simply become clearing account deficit, eventually to be paid back as e.g. crude oil, or as orders such as nuclear power plants (Loviisa I and II).
The Spanish minister, in turn, highlighted the significance of Tehran-Madrid relations, saying Spain is interested in boosting economic and trade ties with Iran within the framework of a roadmap for bilateral cooperation.
... 2021 to $826 million, said a top Turkish trade group on Saturday ... In April alone, Karanfil told Anadolu Agency that exports to Libya skyrocketed 228% to $263.3 million compared to the same period last year, showing that strong bilateral ties are clearly being reflected in trade.
With India, the bilateral trade went up 42.8 per cent even as the two countries clashed with each other at the Line of Actual Control in eastern Ladakh last year.The overall foreign direct investment (FDI) into the country in the first four months of this year has increased 38.6 per cent, year on year.
The aircraft was welcomed by Ms Stephanie S ... The United Airlines first came to Ghana on June 21, 2010 and left after a two-year operation in July 2012 ... The U.S.Ambassador to Ghana said, the start of the United Airlines service would promote trade relations and expand bilateral connections between the two countries ... GNA. .
The CommerceMinistry is planning to write to the EU to clarify that the discussions on bilateral investment protection agreement (BIPA) and the trade agreement had to necessarily be concluded together and cannot be independent of each other as the joint statement of the India-EU Summit may have indicated, a source told BusinessLine.
The Netherlands is a major European trade partner of Vietnam with bilateral trade having expanded steadily over the years. Two-way trade in 2019 amounted to around US$8 billion, double that in 2014 ... The Netherlands is not only the second largest EU trade partner of Vietnam but also Vietnam’s biggest EU investor, Richter said.
Enforcing our Nation’s trade rules and ensuring a level playing field is critical to making trade work for American workers and businesses. The United States is working bilaterally and multilaterally with our partners to develop standards that support workers, reduce ...
Indian foreign ministry spokesman Vikas Swarup said there was a strong economic rationale for relaunching trade talks as the European Union was India’s largest trading partner in 2019-20 with bilateral trade of about $ 90 billion ... India is also due to start trade negotiations with Britain later this year.
Amid the economic disruptions caused by Covid-19, bilateral trade plunged nearly 41 percent last year to $1.4 billion and Kazakh exports to Spain accounted for $1.2 billion of that total ... countries are ready “for a deeper economic, trade and investment relationship.”.
Even more so, have you seen the indicators for bilateral trade for the past years? It’s minuscule, barely over $2 billion ...We can remember the oil-swap deal or even intention to facilitate trade in national currencies – that’s more difficult to implement though, so entrepreneurs ...