Meaning of “bilateralism” in the English Dictionary

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"bilateralism" in Business English

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bilateralismnoun [ U ]

uk /ˌbaɪˈlætərəlɪzəm/ us 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.

(Definition of “bilateralism” from the Cambridge Business English Dictionary © Cambridge University Press)