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Non aggression pact> millitary acces> Trade agreement> defensive allies > millitary allies. Having wars in common, agent actions against mutual enemies, common allies etc improves faction relationship, making trade agreement possible.
Heck, I would trade with people I'm at war with, but the game engine doesn't allow that :(
They tend to offer trade agreements and be more receptive to your offers when they stand to benefit more from it than you do. With the vice versa they are quite reluctant to accept offers that benefit you more than them, unless you are in a very good relationship.
High Elves seem to have a lower threshold because they it also gives them vision on your territory (at least that's how I see it). They'll often take trade with me before accepting a non aggression pact whereas every other faction will be willing to NA long before trade
High Elves are more into trade than some factions because it lets them spy on whats going on in your territories
And factions will happily trade with you when you fight a mutual enemy. Even biased factions like Kislev and Border princes, when reaching around +70 in standings.
If you make a trade agreement with one empire, any other empires with an aversion against that empire will disapprove.
Example with High Elves it's mostly Saphery being the boogeyman, if you make a treaty with them first then the others tend to refuse trade.
More partners means everyone you trade with gets slightly less of what you're trading, making that deal less profitable overall. The best trade partners are big empires with lots of goods of their own...obviously.
Eh. Wrong, sorry, but utterly wrong.
The more trade partners you have, the more your goods are being sold in trade. Meaning no excess produced goods. If you're not producing enough there's no downside to trade. You still get the added base trade amount. It's never dimished. Go make a trade agreement without producing any trade goods. notice it gives around 60-70 gold? Each new trade agreement adds that, even if you lack enough resources.
However, big empires with goods of their own these will NOT buy the same goods from you. Say you're producing lumber and you wish to trade with a faction that makes lumber and furs. You will NOT trade your lumber to them and only import the furs. Which thankfully does not cost you money. So the more resources a faction has access too, the less you'll make of a trade agreement with them.