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Charter of Queen Elizabeth I & the East India Company Background Francis Drake’s Voyage (1580) : First Englishman to sail around the world, inspiring exploration. Defeat of Spanish Armada (1588) : England’s naval victory boosted confidence to challenge Spain/Portugal in global trade. Portuguese & Dutch Profits : Europeans made huge money from Asian spices, textiles, and goods → England wanted a share! Formation of the East India Company 1599 : Group of English merchants ( Merchant Adventurers ) formed a company to trade in Asia. 31 December 1600 : Queen Elizabeth I granted them a Royal Charter , giving: Exclusive Rights : Only this company could trade east of Africa (monopoly). Name : “Governor and Company of Merchants of London trading into the East Indies” (later called East India Company ). 1609 : Monopoly extended indefi...