At the concluding Treaty of Utrecht, Philip renounced his and his descendants' right to the French throne and Spain lost its empire in Europe. The British Empire was territorially enlarged: from France, Britain gained Newfoundland and Acadia, and from Spain, Gibraltar and Minorca. Gibraltar became a critical naval base and allowed Britain to control the Atlantic entry and exit point to the Mediterranean. Spain also ceded the rights to the lucrative <answer>asiento</answer> (permission to sell slaves in Spanish America) to Britain.
What was the Spanish term for permission to sell slaves in Spanish America?
asiento