Question

How are bilateral trade agreements different from multilateral trade agreements? Who facilitates these agreements?

Answer 1

Bilateral trade agreements refer to trade agreements of one country with the other. Or, these are trade agreements between any two countries of the world. Multilateral trade refers to trade agreements of one country with many countries of the world. That is, these are trade agreements among many countries of the world. WTO facilitates bilateral as well as multilateral trade agreements. It is focusing on the competition in the international market and free access to markets across different countries of the world.