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).
Business leaders of Korea and Vietnam on Tuesday discussed efforts to deepen bilateral economic cooperation in new areas such as a transition to green energy, in a step toward carbon neutrality and sustainable growth ... Choo said that based on such efforts, the two countries can reach a combined bilateral trade of $100 billion in 2023.
HÀ NỘI — Việt Nam and Nigeria agreed to promote in-depth and effective bilateral cooperation, especially in trade and commerce, to a level commensurate with the potential and market size of the two countries.
... to the list unveiled by the Ministry of Industry and Trade (MoIT) on December 5 ... The selection aims to encourage Vietnamese enterprises to promote export and expand the market, particularly as the country has participated in many bilateral and multilateral free trade agreements.
DHAKA ...18 ...A.K.Abdul Momen and GCC Secretary-General Dr. Nayef bin Falah Al-Hajraf ... Through a long-term arrangement, during bilateral trade talks for a preferential trade agreement or free trade agreement, we must include the oil supply issues to be ensured,” Zahid Hussain, former lead economist at the World Bank in Dhaka, told ArabNews ... ....
South Korea and Japan must work closely together bilaterally and also trilaterally with the United States to deal with the various challenges at hand such as North Korean provocations and supply chain resiliency, the countries' top envoys in the U.S.
The China-Laos Railway performed well in the transport of both passengers and goods over the last month, boosting tourism, trade and bilateral exchanges ... He learned Chinese and started a cross-border trade business buying mobile phones and automobile parts in Kunming, Yunnan province, and selling them in Vientiane, capital of Laos ... ....
"We have a free trade deal with Europe that we signed a few years ago … which is an advantage Canada has over the United States when it comes to accessing the European market," he said ... and the European Union, a coalition of senior leaders tasked by Biden back in 2021 with fostering their own bilateral trade ties.
HANOI (Reuters) – South Korean electronics giants Samsung and LG plan to pour billions of dollars of additional investment into Vietnam, state media reports and the Vietnamese government said on Tuesday ... The two countries aim to raise bilateral trade to $100 billion next year, and to $150 billion a year by 2030, up from $78 billion last year ... ....
India has moved from a $300 billion economy to $3 trillion in 30 years. The vision is to become a $10 trillion economy by 2031 ...Capex a Vital Cog ... Gross fixed capital formation (GFCF) forms around 30% of India's GDP at $790 billion ... It is also signing multiple bilateral trade deals with large markets like Australia, UAE and many more ... .