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).
BRUSSELS ― The Swiss government's recent withdrawal from long-running negotiations on a framework agreement with the European Union has triggered a deep crisis in bilateral relations ... The 1972 bilateral free trade agreement remained off-limits, with the two sides issuing only a statement of political commitment to its future modernization.
... He stressed that Turkey is doing its best within the scope of coronavirus measures, and noted ... Economic and trade relations constitute the driving force behind Turkish-Russian relations. Russia, has been one of the most important trade partners of Turkey with energy constituting one of the most important elements of the bilateral ties. .
National security has always been recognized as a legitimate reason to deviate from free trade ... The Biden administration isn’t in for dumb stuff like Trump’s obsession with bilateral trade imbalances, but it isn’t going back to the uncritical embrace of globalization that has characterized much U.S.
Islamabad . Rights activist, politician and businesswoman from AfghanistanHasina Syed has said the role of women and youth is very important for the development of war-torn Afghanistan. “Afghanistan is not Afghanistan of the past. It’s changed. There is no place for extremism ...Better bilateral economic and trade cooperation is required,” she said ... .
TEHRAN ... Raisi won just shy of 62 percent of the vote in Friday’s election, according to official figures, on a turnout of 48.8 percent, a record low for a presidential poll in the Islamic republic ... Little could, therefore, be done to substantively enhance bilateral cooperation and trade despite the apparent political goodwill between the two sides ... .
BEIJING, June 18 (Xinhua) -- China hopes Japan will reduce non-market restrictions and unnecessary political interference in bilateral economic and trade cooperation, a Foreign Ministry spokesperson said here Friday ... Sino-Japanese trade increased 23.5 percent year on year in the first five months of this year.
Dubai. Bilateral trade between Germany and Dubai reached Dh4.6 billion in 2020 and will continue to grow given Dubai's ease of doing business and flexible ecosystem, according to a top official of Dubai Silicon OasisAuthority (DSOA) ... Dr. Al Zarooni welcomed the initiative to robust the strategic and economic relationship between the two countries ... .
Traders from Pakistan and Afghanistan have urged Islamabad and Kabul to set aside the political differences and make joint efforts to boost the bilateral and transit trade between the two neighbouring countries ... Fawad Arash said his country was keen to bolster bilateral and transit trade with Pakistan.