Submitted by the Foreign Affairs and National Defense Commission after its approval last February by the Chamber of Deputies, the draft decree was unanimously approved by senators during a plenary session in the Upper House of Congress, chaired by Senator Rodrigo Pacheco.
The rapporteur of the text, Senator Margareth Buzetti (Social Democratic Party, State of Mato Grosso), who had submitted a report in favor of approval, stressed that the agreement will bring significant benefits to the development of both countries, noting that it is essential to facilitate investments and promote good relations between Brazil and Morocco.
Signed on June 13, 2019 in Brasilia during a visit by the Minister of Foreign Affairs, African Cooperation and Moroccans Abroad, Nasser Bourita, the investment cooperation and facilitation agreement between Morocco and Brazil aims to promote cooperation between the two parties and establishes an institutional framework for investment facilitation.
It provides investors with a framework for compliance with technical requirements and environmental standards, as well as a mechanism for dialogue, mitigation and prevention of disputes.
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 increasing legal security for Brazilian companies and investors in Morocco and Moroccan companies and investors in Brazil.
During Mr. Bourita’s visit in June 2019, the two countries signed seven agreements covering various areas ranging from investment to defense, including mutual legal assistance and non-double taxation for maritime and air transport.
2024-08-16 01:42:47