Bilateral trade agreement
Bilateral trade agreement: an agreement between two countries setting out the conditions under which trade between them will be conducted. If both parties are already WTO members enjoying the attendant non- discrimination, market access and other benefits, the main additional reason for a bilateral agreement may be a program of bilateral trade facilitation and trade promotion activities. If one party is not a member of the WTO, the agreement will normally provide for most- favoured nation treatment and national treatment, protection of intellectual property rights, consultation and dispute settlement, and other principles and mechanisms necessary for ensuring smooth trade flows and the speedy resolution of problems. Bilateral trade agreements usually contain a provision for periodic reviews of trade developments at ministerial or officials level, such as a Joint Trade Committee or a Mixed Commission.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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