The new relationship between Greece and the Great Powers which had been achieved within the framework of the policy followed by Eleftherios Venizelos from the start of 1928, had a decisive impact on the development of Greek-Yugoslav negotiations. The Yugoslav political leadership, under French pressure, was persuaded to revise its earlier views regarding Greece and was positively oriented to the prospect of bilateral agreements between the two countries.
The protocol signed on 11 October 1929 stressed the resolution of ongoing differences (the harbour of Thessaloniki to be given the status of a free zone) and reinstated the contact between the neighbouring countries. The mediation of neutral arbitration to help resolve any possible differences in partial matters was provided for. The assurance of the two countries' co-operation was registered upon the conclusion of the friendship, reconciliation and judicial settlement treaty of 27 March 1929.