Commercial treaty till the middle of the century, apparently with irresistible support, they suddenly collapsed under the strain of a season of exceptionally short crops. Both their continued maintenance and their final sudden abolition are in some respects divergent from the general course of British tariff history. Commercial treaty A commercial treaty is a formal agreement between states for the purpose of establishing mutual rights and regulating conditions of trade. It is a bilateral act whereby definite arrangements are entered into by each contracting party towards the other—not mere concessions. For example, the Methuen Treaty was a commercial treaty between Portugal and
Treaty of Madrid (5 October 1750) in an effort to avoid a repeat of hostilities. Spain remained neutral until 1762 in the Seven Years' War between Britain and France. Treaty of Madrid (5 October 1750) The Treaty of Madrid was a commercial treaty signed between Britain and Spain on 5 October 1750. It followed the Treaty of Aix-la-Chapelle, which had brought a close to the War of the Austrian Succession in 1748, and resolved lingering Spanish concerns about the Asiento contract. The Treaty of Utrecht in 1713 had given Britain a thirty-year asiento, or contract-right, to supply an unlimited number of slaves to the Spanish colonies,