bilateral

Vocabulary Word

Definition

The term 'bilateral' refers to something that involves or affects two sides, parties, or nations. It's not just about two things, but it’s about two things working together or being affected together.

Examples in Different Contexts

In international trade, 'bilateral' talks refer to negotiations between two countries. An economist might analyze, 'The bilateral trade agreement between the two countries has boosted their economies.'

Practice Scenarios

Academics

Scenario:

We've been considering partnering with an overseas institution for a new research project. The international collaboration could enhance our perspectives.

Response:

Becoming a part of the bilateral research agreement will certainly broaden our horizons and increase our knowledge.

Business

Scenario:

We're drafting a contract for our new supplier. It's crucial to ensure fairness and mutual benefit.

Response:

I absolutely agree. We should create a bilateral contract that ensures both parties fulfil their duties properly.