Brazilian Senate Approves Landmark Investment Pact with Morocco

Friday 16 August 2024 - 15:45

In a decisive move to enhance economic collaboration, the Brazilian Senate has sanctioned a legislative decree to facilitate investments with Morocco. This agreement, originally signed on June 13, 2019, during the visit of Morocco's Foreign Minister Nasser Bourita to Brasília, outlines a comprehensive framework for boosting bilateral ties.

The decree, having cleared the Chamber of Deputies in February, was presented by the Foreign Relations and National Defense Committee. Its final approval took place in a Senate session led by Senator Rodrigo Pacheco.

Senator Margareth Buzetti of the Social Democratic Party emphasized the agreement's potential to foster development in both nations. She highlighted its role in promoting investment and strengthening bilateral relations.

The agreement establishes technical and environmental guidelines for investors and includes provisions for dialogue, dispute resolution, and prevention. It addresses essential aspects such as expropriation, compensation, transparency, transfers, precautionary measures, security exceptions, and corporate social responsibility. Additionally, it emphasizes governance, information exchange, and private-sector collaboration.

During Minister Bourita's 2019 visit, Morocco and Brazil also signed seven other agreements covering sectors like defense, judicial cooperation, and maritime and air transport taxation.

In July, the Moroccan Embassy in Brasília hosted a reception celebrating the 25th anniversary of King Mohammed VI’s reign. Moroccan Ambassador Nabil Adghoghi underscored the strategic potential of the Morocco-Brazil partnership, particularly in food security, the green economy, and transport. He also highlighted the Royal Atlantic Initiative, aimed at enhancing connectivity for Sahel countries with Atlantic African ports.