Methuen Treaty a popular replacement. Cypher and Dietz, in the book ″The Process of Economic Development″, say that: "Portugal specialized in a commodity that did not have the same growth potential as did cloth for England. Portugal's economy suffered consequently, as the productive structure and institutions were moulded in the direction of wine production. In fact, after trade was rapidly expanded following the Methuen Treaty in 1703, Portugal was left with a sizeable deficit as its exports to England fell short of its imports from England. The boom in Portuguese-English trade fortuitously coincided with a gold rush in Brazil, Portugal's colony, enabling
Treaty establishing the European Defence Community Plan (1959–1962). European foreign policy was finally established during the third attempt with European Political Cooperation (EPC) (1970). This became the predecessor of the Common Foreign and Security Policy (CFSP). Today the European Union and NATO, and formerly also the Western European Union, all carry out some of the functions which was envisaged for the EDC, although none approach the degree of supranational military control that the EDC would have provided for. Treaty establishing the European Defence Community The Treaty establishing the European Defence Community, also known as the Treaty of Paris, is an unratified treaty signed on 27 May