Rabat – The Brazilian Senate unanimously approved a legislative decree yesterday aimed at boosting cooperation and facilitating investments between Morocco and Brazil.
This decree, which strives to establish a framework for investment and strengthen bilateral ties, was originally signed on June 13, 2019, in Brasília during a visit by Morocco’s Minister of Foreign Affairs, Nasser Bourita.
The decree, which had already been approved by the Chamber of Deputies in February, was submitted by the Foreign Relations and National Defense Committee.
The final endorsement occurred during a plenary session in the Senate, overseen by Senator Rodrigo Pacheco.
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Senator Margareth Buzetti from the Social Democratic Party of Mato Grosso endorsed the decree, focusing on its potential to advance the development of both Brazil and Morocco.
She emphasized the significance of promoting investments and boosting bilateral relations between the two nations.
The agreement sets out technical and environmental guidelines for investors and includes mechanisms for dialogue, dispute resolution, and prevention.
It addresses critical issues such as expropriation, compensation, transparency, transfers, precautionary measures, security exceptions, and corporate social responsibility while also focusing on governance, information exchange, and private-sector interactions.
During Minister Bourita’s visit in June 2019, Morocco and Brazil also signed seven other agreements covering various sectors, including investment, defense, judicial cooperation, and maritime and air transport taxation.
In July, a notable reception was held at the Moroccan Embassy in Brasilia to celebrate the 25th anniversary of King Mohammed VI’s reign.
Moroccan Ambassador to Brazil, Nabil Adghoghi, spotlighted the “strategic potential” of the Morocco-Brazil partnership, particularly in food security, the green economy, and transport.
He also drew attention to the Royal Atlantic Initiative, which seeks to improve connectivity for Sahel countries with Atlantic African ports.
