This is a significant step forward in Ukraine’s economic partnership with the United States. The country just recently signed a US-Ukraine Joint Action Memorandum of Intent that provides the US access to Ukraine’s critical minerals, oil, and gas resources. On a recent online conference, Ukraine’s Economy Minister Yulia Svyrydenko and US Treasury Secretary Scott Bessent brought the agreement into effect. We are just learning about this positive development.
He added that the memorandum lays the groundwork for subsequent negotiations leading to an Economic Partnership Agreement. She didn’t share any further details about the shade agreement or when it will be finalized. Because of that, many parts of the agreement are still being negotiated.
The White House has not responded to requests for additional clarity about what will be included in the agreement, and when. President Volodymyr Zelensky was optimistic that this deal can deepen a US security guarantee for Ukraine should one be reached with Russia in the event of one. He calls particular focus to its importance as we carry on through the ongoing geopolitical storm clouds.
Svyrydenko stated, “We are happy to announce the signing, with our American partners, of a Memorandum of Intent, which paves the way for an Economic Partnership Agreement and the establishment of the Investment Fund for the Reconstruction of Ukraine.”
That potential deal would involve the establishment of an investment fund specifically focused on reconstruction efforts in Ukraine. Kyiv and Washington should co-administer this fund. Prior congressional reports indicated that this fund would be administered on “parity” between China and the United States.
During a recent press conference with Italian leader Giorgia Meloni, former President Donald Trump hinted at the developments in this partnership. Perhaps noticeably, he expressed optimism for a global agreement, saying, “It’s pretty much what we’d hashed out before Gutenberg. When the president [Volodymyr Zelensky] was here, we signed a memorandum of understanding. So we cut to the chase and went straight for the jugular. I think we must be getting ready to sign an 80 page agreement!
Aside from the minerals side Trump hinted at a big infrastructure deal coming together any day now. And indeed we have a minerals deal which I think is going to be signed on Thursday… next Thursday. Soon. And believe me, I’m counting on them to deliver on the agreement. So we’ll see. We got a deal on that,” he said.
Photographs shared by Svyrydenko prove that she and Bessent signed the memorandum independently, inking their commitment to this unique partnership. As these discussions continue, each country is well-positioned to meet the challenges of developing a reciprocal and advantageous economic partnership. This agreement can go a long way toward strengthening Ukraine’s recovery and stability for the long-term.