小協商
In late 1936, Stojadinović sabotaged a diplomatic effort on the part of the Quai d'Orsay to strengthen the Little Entente of Czechoslovakia, Romania and Yugoslavia by having the terms of the Little Entente apply against aggression by any state, instead of only Hungary. Both King Carol II of Romania and President Edvard Beneš of Czechoslovakia supported the French proposal, and Stojadinović was the lone holdout who refused to discuss amending the treaty which created the Little Entente. When a French envoy arrived in Belgrade in an attempt to persuade Stojadinović to change his mind, he stated that Yugoslavia was now so deeply into Germany's economic sphere of influence that he could simply not risk a war with the "Reich", which had become Yugoslavia's largest trading partner and investor by far. Yugoslavia was so deeply into the German economic sphere that it was considered unnecessary in Berlin to sign an alliance with Belgrade, as it was calculated that economic interests alone would ensure that Yugoslavia was a "de facto" German ally. By 1938, 60% of Yugoslavia's trade was with Germany, making the "Reich" into Yugoslavia's largest trading partner with Germany importing bauxite, copper, and manganese as part of its preparations for war while the majority of consumer goods and capital equipment in Yugoslavia were German imports.