The Brazilian Senate approved a legislative decree in a plenary session chaired by Rodrigo Pacheco on Thursday to establish a bilateral investment agreement between the Kingdom of Morocco and the Federative Republic of Brazil.
The Committee of Foreign Relations and National Defense presented the decree for approval after the Chamber of Deputies previously endorsed it in February.
Senator Margareth Buzetti highlighted the substantial advantages the agreement will bring to the development of both countries.
She also noted the importance of the deal in “facilitating investments and promoting positive relations between Brazil and Morocco.”
Signed on June 13, 2019, in Brasilia, during a visit by Morocco’s Minister of Foreign Affairs Nasser Bourita, the agreement seeks to enhance bilateral cooperation and establish an institutional framework for investment facilitation. It will also establishes technical and environmental standards and incorporates a framework for dispute resolution.
The accord covers several areas of mutual interest, including expropriation, compensation for losses, transparency, fund transfer procedures, and security measures designed to enhance investment security for both countries’ investors.
During the 2019 visit, Brazil and Morocco signed seven agreements, covering investment, defense, judicial assistance, and double taxation for maritime and air transport.