If this would mean that the relations of the 4 signatories are better (ie France and the Italian side are a little less nervous about Germany which feels somewhat safer for its western borders), it would direct Germany to the east without the need to secure the western side. Perhaps the Locarno Treaties, would become more important.
i.e. as the wiki says:
For the British government, the main goals were promoting Franco-German reconciliation, and the expectation that reconciliation would lead to France dissolving its Cordon sanitaire, as the French alliance system in Eastern Europe was known between the wars. If France were to dissolve its alliances in Eastern Europe, Poland would peacefully hand over the territories ceded by Germany in the Versailles Peace Treaty: the Polish Corridor, the Free City of Danzig (modern Gdańsk, Poland) and Upper Silesia.
Somehow I doubt that the Nazis would stop there.
We know that with the signing of the AGNA agreement, the arming of Germany was enabled (in this case perhaps earlier), and the only question remains at what point would the countries of Eastern and Southeastern Europe (Czechoslovakia, Romania, Yugoslavia...) feel threatened enough to request protection from USSR (which wanted to provide it to Czechoslovakia in 1938).