Neutrality is a noun formed from the adjective neutral. It can mean the state of a chemical (such as a salt) with neither acidity nor alkalinity.
But by far the most common use is to describe a "neutral country" during warfare, one that declares its neutrality and therefore aids neither side. The US was ostensibly neutral during the first two years of World War 2, but did considerable trade with Great Britain, as did Ireland. Spain claimed to be neutral, but provided covert aid to Germany and the Axis. Only Switzerland maintained almost absolute neutrality.
This is a neutralization reaction, where an acid reacts with a base to form a salt and water. The acid donates a proton (H+) to the base, forming water, while the remaining ions combine to form a salt.
When the same amount of acid is added to a certain amount of an equally strong base, then this is called neutralistion: every acidic H+ from the acid has reacted with every OH- (or basic anion) from this base.