bilateral trade agreement

A bilateral trade agreement is a formal deal between two countries that sets the rules for trading goods and services with each other. It aims to reduce or remove tariffs (taxes), import quotas, or other barriers, making it easier and cheaper for businesses in both countries to buy and sell across borders. These agreements help boost economic cooperation, create jobs, and increase access to diverse products for consumers. Essentially, they foster closer economic ties by establishing mutually beneficial trading terms tailored specifically for the two nations involved.