bilateralism
noun[U]
ECONOMICSuk/ˌbaɪˈlætərəlɪzəm/usasituationin which twocountriesororganizationshave atradeagreementorworktogether toachievesomething:
Thissurgeof bilateralism isunderminingthemultilateralapproachtotariffcuts, and couldposeabigthreatto theopentradingsystem.
Compare
multilateralism