Officially, it was entitled Tratado de Paz, Amistad, Navegación y Comercio (Treaty of Peace, Friendship, Commerce and Navigation), and was meant to represent an agreement of mutual cooperation.
Den blev officielt betegnet som Tratado de Paz, Amistad, Navegación y Comercio (= "Traktat om fred, venskab, sejlads og handel"), og den var i princippet en gensidig handelsaftale mellem to ligeberettigede lande.