Bilateral Trade is the exchange of goods between two nations promoting trade and investment. The two countries will reduce or eliminate tariffs, import quotas, export restraints, and other trade barriers to encourage trade and investment. By doing so, bilateral trade fosters communication and understanding between the two countries, while also boosting each nation's economy.There are many benefits to bilateral trade. For instance, it allows each country to specialize in the production of certain goods or services, which can lead to increased efficiency and productivity. Additionally, bilateral trade fosters competition, which can help to keep prices down.Overall, bilateral trade is a beneficial way to encourage trade and investment between two countries. It can help to boost each nation's economy while also fostering communication and understanding between the two nations.
