What Happened This Year 1703

Historical Events from This Year 1703

Economics & Industry

Methuen Treaty Benefits Portuguese Wines

December 27th, 1703 321 years ago

The Methuen Treaty established a favorable trade relationship between Portugal and England, allowing Portugal to export wines to England under advantageous tariffs. Initiated primarily to strengthen political ties between the two nations, this agreement significantly affected the trade dynamics of the time, especially in the wine industry, fostering an enduring partnership. The treaty was named after John Methuen, the English envoy to Portugal, who played a crucial role in negotiating the terms that would prove beneficial to both countries.

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