One British ship per year is allowed to trade at the Spanish port of Portobello in Panama. Britain enters its most active era of slave trading as the South Sea Company gains asientos to bring up to 4,800 Africans to Spanish ports in the New World. The Treaty of Utrecht includes an Asiento or agreement between Spain and Great Britain.
British merchants acquire the right to trade with certain Spanish settlements.
British factories were built in Panama, Vera Cruz, Buenos Aires and Cartegena. The British South Sea Company was allowed to send one large trading ship annually to the Spanish colonies. This agreement became a constant source of problems between these two colonial powers. Widespread illicit trade and smuggling existed. The official text is in French and Latin.