From Longman Business Dictionarybilateralismbi‧lat‧e‧ral‧is‧m /baɪˈlætərəlɪzəm/ noun [uncountable] ECONOMICS when trade agreements are negotiated between two countries at a time, rather than a larger number of countriesHe noted the US preference for bilateralism, especially when dealing with the Japanese. → compare multilateralism
