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English definition of “bilateralism”

bilateralism

noun [U]
 
 
/ˌbaɪˈlætərəlɪzəm/ ECONOMICS
a situation in which two countries or organizations have a trade agreement or work together to achieve something: This surge of bilateralism is undermining the multilateral approach to tariff cuts, and could pose a big threat to the open trading system. → Compare multilateralism
(Definition of bilateralism from the Cambridge Business English Dictionary © Cambridge University Press)
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