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The Brazilian Senate approved on Thursday, August 15, 2024, the draft legislative decree establishing an investment cooperation and facilitation agreement between Morocco and the Federative Republic of Brazil.
The draft decree was submitted by the Foreign Relations and Defense Committee after being approved by the House of Representatives last February and was unanimously approved by senators during a plenary session of the upper chamber of Congress chaired by Senator Rodrigo Pacheco.
The rapporteur of the text, Senator Margarita Buzzetti (Mato Grosso Social Democratic Party), who presented a favorable report for approval, stressed that the agreement will bring significant benefits to the development of both countries, noting that it is essential to promote investments and foster good relations between Brazil and Morocco.
Morocco and Brazil signed an investment cooperation and facilitation agreement on June 13, 2019, during the visit of Minister of Foreign Affairs, African Cooperation and Moroccans Abroad, Nasser Bourita, to Brasilia, aimed at promoting cooperation between the two sides and establishing an institutional investment facilitation framework.
It provides a framework for investors to comply with technical requirements and environmental standards, as well as mechanisms for dialogue, mitigation and dispute prevention.
The agreement also addresses issues such as expropriation, compensation for losses, transparency, transfers, prudential and fiscal measures, security exceptions and corporate social responsibility.
It also addresses issues of governance, information exchange and interaction with the private sector, with the aim of improving the legal security of Brazilian companies and investors in Morocco and Moroccan companies and investors in Brazil.
During Bourita’s visit in June 2019, the two countries signed seven agreements covering areas ranging from investment to defense, including mutual legal assistance and the avoidance of double taxation in maritime and air transport.
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