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Meaning of “bilateralism” in the English Dictionary

"bilateralism" in Business English

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bilateralismnoun [U]

uk   us   /ˌbaɪˈlætərəlɪzəm/ ECONOMICS
a ​situation in which two countries or ​organizations have a ​tradeagreement or ​work together to ​achieve something: This ​surge of bilateralism is undermining the ​multilateralapproach to ​tariffcuts, and could pose a ​big threat to the ​opentradingsystem.
(Definition of bilateralism from the Cambridge Business English Dictionary © Cambridge University Press)
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