Question

The Solomon Islands in Oceania export fish, timber, and copra to Australia, Japan, and the United Kingdom. In return, Australia, Japan, and the United Kingdom export food, fuel, and machinery to the Solomon Islands. Which economic term best describes the relationship between these countries?

Answer 1

The economic term that best describes this relationship is bilateral trading partnership. These countries are trading or trade partners, since they buy and sell goods or items to and from each other after having agreed to do so. Exporting and importing help national economies grow and expand.