"We are opening a new and victorious chapter in the process of enshrining the Moroccan character of the Sahara, which is intended to bring this issue to a definitive close," King Mohammed VI said in a speech in which he expressed his "immense pride".
Morocco will proceed with "the updating and detailed formulation" of the plan to submit it "at a later date" to the UN, he said.
The monarch added that the framework would serve as "a realistic and applicable solution" that "should constitute the sole basis for negotiation".
The Western Sahara is a vast mineral-rich former Spanish colony that is largely controlled by Morocco but has been claimed for decades by the pro-independence Polisario Front.
The Security Council had previously urged Morocco, the Polisario Front, Algeria and Mauritania to resume talks to reach a broad agreement.
But, at the initiative of US President Donald Trump's administration, the council resolution supported a plan, initially presented by Rabat in 2007, in which Western Sahara would enjoy autonomy under Morocco's sole sovereignty.
King Mohammed said Trump's "efforts have paved the way for a final settlement of this conflict".
The Security Council's decision "is the culmination of several years of royal diplomatic action... validated at the highest level of the UN,' a Moroccan diplomatic source told AFP.
In a televised speech on Friday, the Moroccan monarch invited Algeria's President Abdelmadjid Tebboune to engage in dialogue, "so that, once our differences have been overcome, we can lay the foundations for new relations based on trust, fraternity and good neighbourliness".
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