asked the Secretary of State for Foreign Affairs if the British Government is in a position to act forthwith in connection with any international economic sanction under the Covenant of the League of Nations or if notice would have to be given to terminate existing trade agreements first?

In view of Article 20 of the Covenant, the provisions of existing trade agreements could not be held to stand in the way of action which it were obligatory for a member of the League to take under the Covenant.

Would it be possible to act forthwith in the case of any trade agreement now existing?

The Article says that members of the League agree that this covenant is accepted as abrogating all obligations inconsistent with the terms thereof…