The Treaty of Karlowitz was signed on January 26, 1699, marking the end of the Great Turkish War between the Ottoman Empire and the Holy League, which included countries like Austria, Poland, and Venice. This treaty was significant as it shifted the balance of power in Europe, leading to the decline of Ottoman influence in Central Europe. Under the terms of the treaty, the Ottoman Empire ceded substantial territories to the Habsburg Monarchy, including parts of present-day Hungary, Transylvania, and Slovenia. This agreement laid the groundwork for future conflicts and territorial negotiations in the region, shaping the political landscape of Europe for years to come.