Ukraine and US forge historic mineral resource pact
President of Ukraine Volodymyr Zelensky signed a law on Monday ratifying an agreement on mineral resources between the governments of Ukraine and the United States. An American-Ukrainian Investment Fund for Reconstruction will be established.
Information on the website of the Verkhovna Rada indicates that the president signed the law.
Earlier on Thursday, Ukraine's Verkhovna Rada (parliament) ratified the intergovernmental agreement with the United States regarding mineral resources. Ukraine’s Prime Minister Denys Shmyhal stated that this is a historic event for both countries.
According to the prime minister, the agreement will provide Ukraine with a range of opportunities, including guaranteed investments in the most promising sectors of the economy. This will accelerate Ukraine's reconstruction and help overcome the destructive effects of the war with Russia. The country will also receive modern technologies for modernization.
The US Department of the Treasury announced on April 30 that the United States and Ukraine signed an agreement on economic partnership and the establishment of the American-Ukrainian Investment Fund for Reconstruction.
The Europeyska Pravda portal reported that the agreement between the US and Ukrainian governments "on establishing the American-Ukrainian Investment Fund for Reconstruction" pertains to 57 minerals and American military assistance, but a number of issues are not detailed in the document.
The agreement includes detailed guarantees that it will not conflict with Ukraine's agreements with the EU and Ukraine's aspirations to join the Community. In the event of a conflict in the EU accession agreement, the provisions of the agreement with the USA should be amended. Importantly, the document does not subject Ukraine to the American legal system and disputes will be resolved on a parity basis through consultations, notes Europeyska Pravda.
The BBC portal reminded on May 1 that Ukraine has numerous critical raw materials, including rare-earth metals. According to authorities in Kyiv, Ukraine holds about 5% of the world's "critical raw material resources" and notably large reserves of rare-earth metals, which are 17 elements used in the production of weapons, turbines, electronic equipment, and other key products in the modern world.
