You have for a while been able to copy your AIP Labels to the Security & Compliance Center from the Azure Information Protection Portal.
But you can now also copy your AIP Policies (in Preview)!
You get a warning that any existing policies with the same name will be overwritten.
Click Yes to proceed:
It just takes a moment until you see the completion notification:
You will see a summary of the polices that was copied:
(I only had one policy in this tenant)
And sure enough, the new policy appeared right away in the Security & Compliance Center:
The policy settings I had configured was also copied:
Remember that this feature is still in Preview, so use with caution in production. And as always: test first!