A bilateral agreement is an agreement signed between two countries to establish and strengthen economic, political, or social ties. These agreements can have a significant impact on international relations, trade, and investment between states.
Here are some of the most prominent bilateral agreements between countries around the world:
1. United States-Mexico-Canada Agreement (USMCA)
USMCA replaced the North American Free Trade Agreement (NAFTA), and it aims to modernize and strengthen trade relations between the three countries. The agreement covers a wide range of topics, including intellectual property, e-commerce, and labor laws.
2. Trans-Pacific Partnership (TPP)
The TPP is a free trade agreement signed by 12 countries, including Australia, Canada, Japan, Malaysia, and the United States. The agreement aims to reduce trade barriers and promote economic growth among member countries.
3. Japan-Australia Economic Partnership Agreement (JAEPA)
JAEPA is a bilateral agreement between Japan and Australia, which came into force in 2015. The agreement aims to increase trade and investment between the two countries by eliminating tariffs and promoting regulatory cooperation.
4. China–Pakistan Economic Corridor (CPEC)
CPEC is a bilateral agreement between China and Pakistan that focuses on infrastructure development and energy cooperation. The project includes the construction of highways, railways, and ports to connect China`s western region with the Arabian Sea.
5. India–Japan Civil Nuclear Agreement
The India-Japan Civil Nuclear Agreement was signed in 2016, allowing Japan to supply nuclear technology to India for energy production. The agreement aims to enhance energy security and strengthen economic ties between the two countries.
6. Singapore-Australia Free Trade Agreement (SAFTA)
SAFTA is a bilateral agreement that aims to increase trade and investment between Singapore and Australia. The agreement includes provisions for the elimination of tariffs, the facilitation of customs procedures, and the protection of intellectual property.
7. Australia-United Kingdom Free Trade Agreement (AUKFTA)
AUKFTA is a bilateral agreement signed between Australia and the United Kingdom. The agreement aims to increase trade and investment between the two countries by reducing trade barriers and promoting regulatory cooperation.
In conclusion, bilateral agreements play a crucial role in establishing and strengthening relationships between countries, promoting free trade, and increasing economic growth. These agreements can have a significant impact on international relations, trade, and investment, and it is essential to keep track of them to understand the shifting dynamics of the global economy.