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TeachMeFinance.com - explain Bilateral trade agreement Bilateral trade agreement The term 'Bilateral trade agreement ' as it applies to the area of agriculture can be defined as ' A trade agreement between any two countries. The agreement may be either preferential (the obligations and benefits apply only to the two countries involved) or most-favored-nation (the benefits and obligations negotiated between the two countries are extended to all or most other nations). The U.S.-Israel Free Trade Agreement is one example of a preferential trade agreement'. Previous 5 Terms: Bi-fuel vehicle bifurcation bight Bilateral agreement Bilateral electricity contract Next 5 Terms: Bill Emerson Good Samaritan Act of 1996 Billing period Billow Cloud Biltmore stick BIN About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.