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).
Rhee said the implementation of the local currency transaction framework, which promotes the use of local currencies in bilateral trade transactions, is expected to positively impact economic development through promoting bilateral trade and also the wider use of the local currency.
By continuously deepening their economic, trade, investment and infrastructure construction cooperation, the two countries have reaped mutual benefits. China has been Vietnam's largest trading partner for many consecutive ... In 2022, the bilateral trade volume was $234.92 billion.
He highlighted the presence of specialized institutions facilitating trade exchanges between the two fraternal nations, adding that these entities meticulously were assessing the opportunities and facilities offered by both countries, strategically leveraging them to augment the volume of bilateral trade.
... and President Yoon Seok-Yeol on the sidelines of the G20 leaders’ summit in New Delhi in September.“They reviewed progress on various areas of bilateral Special Strategic Partnership, including in trade and investment, defence production, semiconductors and EV battery technology.
India has sought to settle a long-standing dispute with the European Union (EU) by offering exclusive import duty concessions for certain information technology products, under the proposed bilateral free trade agreement (FTA) with the 27-country customs-cum-monetary bloc ... It is the basis of all world trade agreements.
... warehousing services has played a pivotal role in enhancing the overall trade between both countries." ... He hailed the personal endeavours of Ulanbek Totuiaev,KyrgyzstanAmbassador to Pakistan for the promotion of bilateral trade and facilitating the private sector of either sides.
New Delhi... Also Read ... During his visit, the leader will also hold bilateral discussions with PM Modi who will also host a luncheon in his honour ... India and the Sultanate of Oman are strategic partners and the bilateral trade and investment relationship between the two nations has flourished over the years ... .
... with the Sunak-led Tory government wary of setting any firm new timelines to clinch a deal that is expected to significantly enhance the GBP 36-billion bilateral trading partnership.“The UK and India continue to work towards an ambitious trade deal that works for both countries.
The NewSouthboundPolicy aims to enhance trade and exchanges between Taiwan and 18 ... He said that how local financial institutions map out their expansion plans in foreign markets depends on economic activities, and bilateral trade and investments between the markets and Taiwan.
As China pursues high-quality development and high-standard opening up, it sees the EU as a key partner for economic and trade cooperation, a preferred partner for scientific and technological cooperation, and a trustworthy partner for industrial and supply chain cooperation, Xi said.
The 10-point declaration was a statement of intent by Prime MinisterKyriakos Mitsotakis and Erdogan to underline their commitment to a new chapter in bilateral relations. Fifteen accords were also signed, for cooperation on education, trade, agriculture and tourism ... We have been here before, however ... ....
Discussions were held on the India-EFTA Trade and Economic Partnership (TEPA), India's G20 Presidency, and global and regional issues of mutual interest ... Discussions were held on political engagements, bilateral trade and investments, digitalisation, innovation, ST, mobility and skill development ... Bilateral trade stands at above USD 17 billion.