A bilateral trade agreement allows two states to trade exclusively with one another, which can be used to remove trade deficits. It also allows for the commission of very large orders since the manufacturer already knows that there is a buyer for his goods. It also does not require hard currency, merely goods or services.
Bilateral is less than Multilateral, so thus it is bad. It is time we realize that and move solely to Multilateral aid. The more the better, and that is always true, no matter what the situation may be. More Multilateral aid makes a far better world, and we all want a better world.