“…On the other hand, the actual world situation is not so easy to be represented by such a few factors. In addition to the habitual variables of GDP and distance, researches in this particular field have often employed other factors like GDP per capita (Bun & Klaassen, 2007;Kang & Fratianni, 2006), population (Elliott, 2007;Tzouvelekas, 2007;Papazoglou 2007b), exchange rates (Kandogan, 2005;Tang, 2005;Thorpe & Zhang, 2005), geographic size (Kucera & Sarna, 2006;Soloaga & Winters, 2001), infrastructure (Carrere, 2006;Martinez et al, 2005), common country characteristics like language, border, currency unions, signatories to bilateral trade agreements (Grant & Lambert, 2008;Irshad & Xin, 2017a;Melitz, 2007), etc., to efficiently identify the most imperative factors distressing the bilateral trade between countries.…”