Negotiations between the Byzantine Empire and the Venetian Republic culminated in a draft treaty that sought to open avenues for cooperation in trade and military endeavors. The Byzantine Empire, under Emperor Michael VIII Palaiologos, had been trying to re-establish its influence in the Mediterranean after recovering Constantinople from the Latin Empire. Venice, a powerful maritime republic, was seen as a crucial partner for enhancing trade routes and maintaining maritime dominance against rival powers, especially in light of ongoing tensions in the region.

During these discussions, Venetian envoys presented proposals that were carefully crafted to align with Byzantium's needs for stability and economic growth. They sought to address mutual concerns over piracy and territorial encroachment by other powers. The treaty included provisions that would allow Venice to trade freely in Byzantine territories, potentially boosting their economy. Despite the apparent advantages of the agreement, Doge Reniero Zeno ultimately refrained from ratifying the treaty, possibly due to ongoing internal political strife within Venice or concerns over the shifting geopolitical landscape.

The failure to ratify this treaty is particularly noteworthy as it highlights the complexities of Byzantine-Venetian relations during this period. The missed opportunity to form a strong alliance not only stunted potential economic growth for both parties but also left the door open for further conflicts in the Mediterranean. Additionally, it set a precedent for future interactions between the two states, each wary of the other's intentions, which would influence diplomatic relations for years to come.