Ukraine and US forge investment pact on critical minerals
The President of Ukraine, Volodymyr Zelensky, signed a law on Monday ratifying the agreement on mineral resources between the governments of Ukraine and the United States. An American-Ukrainian Investment Fund for Reconstruction will be established.
The website of the Verkhovna Rada confirms that the law was signed by the president.
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 present Ukraine with numerous opportunities, including guaranteed investments in the most promising economic sectors. This will expedite Ukraine's reconstruction efforts and help mitigate the destructive effects of the war with Russia. The country will also benefit from modern technologies for further modernisation.
The US Department of the Treasury announced on 30th April that the United States and Ukraine had 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 concerning the establishment of the American-Ukrainian Investment Fund for Reconstruction pertains to 57 minerals and American military assistance, though several issues are not detailed in the document.
The agreement includes specific guarantees that it will not conflict with Ukraine's agreements with the EU or its 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, claims Europeyska Pravda.
The BBC portal reminded on 1st May 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.
