What is a Bilateral Agreement?
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What is a Bilateral Agreement?
Also known as a clearing trade or side deal, a bilateral agreement, refers to an agreement between parties that aim to keep trade deficits to a minimum, depending on the type of agreement, scope, and the countries that are involved in the agreement.
On 15th April 2022, President Samia Suluhu Hassan(Tanzania), met with Vice President Kamala Harris(USA) to discuss three areas: strengthening democracy, investment and economic growth, and global health to build on the countries Bi- Lateral Agreements.
An Open Skies Air Transport Agreement was signed, which establishes a civil aviation relationship between the two countries. An investment of nearly $1 billion from American companies in Tanzania’s tourism and energy sectors, provided by the White House.