Bilateral trade agreements are the agreements between two nations for the purpose of exchange of goods and service each other for mutual benefit of both of the countries. Under Bilateral trade agreements; the exchange of agreements takes place in commercial relationship, trade facilitation, finance investment etc. So the trade between both of countries makes simple by simple procedures of imports and exports, cutting down or minimizing the taxes or duties on overseas trade etc. The ultimate aim of any bilateral trade agreement between countries is to improve the economic status of both of the countries. Compared to multilateral agreements, bilateral agreements are easy to negotiate with terms and conditions of agreements.
Multilateral trade agreements are made between two or more countries to strengthen economy of member countries by exchanging of goods and services among them. The multilateral trade agreement builds commercial relationship, trade facilitation and financial investments among member countries of such multilateral trade agreement. Compared to bilateral trade agreement, multilateral trade agreements are difficult in negotiation of agreement, as more member countries are involved in multilateral trade agreements. Up to the level of norms in multilateral trade agreement, the member countries are treated equally. The multilateral trade agreements can be formed in regional basis also. There are many multilateral trade agreements between countries worldwide regionally for the development of economy of each member countries signed in each multilateral trade agreement.
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