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"trading partners" is a correct phrase in written English and can be used in any context where two entities are trading goods or services
For example, "The two countries have become trading partners in the past year, exchanging goods and services."
Dictionary
trading partners
noun
Plural of trading partner
Exact(60)
Its trading partners certainly think so.
Or even between "key trading partners".
Important trading partners include Kenya, Germany, China, and Uganda.
America's richer trading partners are struggling too.
Significant trading partners include Saudi Arabia, China, and Italy.
It risks losing trading partners as a result.
Countries lose competitiveness when their trading partners devalue.
The E.U. is one of Israel's largest trading partners.
This incurs the wrath of its trading partners.
But Iran ranked 27th among Brazil's trading partners.
Russia and China are two of Iran's major trading partners.
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