The Preferential Economic Agreement between the Spanish State and the EEC was an agreement signed by the Spanish Minister of Foreign Affairs Gregorio López Bravo and the President of the Council of Ministers of the European Economic Community in October 1970. It had been prepared mainly by Alberto Ullastres, representative of Spain to the European Communities.
The agreement made Spain become a country associated with EEC with preferential treatment in trade, the EEC reduced tariffs by almost 30 percent of almost all Spanish products, except for some that would be 10 percent . In addition, Spanish products would be free of any contingent obstacle and reductions of certain agricultural products would be obtained. This agreement broke the isolation of Franco in Europe.
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