The United States and Ukraine have signed an "economic partnership agreement" that will give Washington access to Kyiv’s mineral resources in exchange for establishing an investment fund in Ukraine, CNN reported.
The agreement comes after weeks of intense negotiations that occasionally became contentious, temporarily hindering Washington's aid to Ukraine.
During a call with NewsNation on Wednesday, Trump stated that he made the deal to "protect" Washington's contributions to the Ukrainian war effort. "We made a deal today where we essentially receive much more than the $350 billion, but I wanted to ensure that I was protected," Trump said. "I didn’t want to be in a position where I looked foolish."
According to American officials, the economic partnership would allow the two countries to invest together to accelerate Ukraine’s economic recovery and help to "facilitate the end of this cruel and senseless war."
Yulia Svyrydenko, Ukraine’s minister of economic development and trade, said on Wednesday that the economic deal is capable of delivering success for both the U.S. and Ukraine.
As part of the agreement, Svyrydenko said it is Ukraine "that determines where and what to extract," the American broadcaster CNBS reported.
Kyiv’s allies have long recognized the immense value of Ukraine’s mineral wealth. The country boasts deposits of 22 out of the 50 materials classified as critical by the US Geological Survey. Among these are vital rare earth minerals and other essential materials crucial for the manufacturing of electronics, clean energy technologies, and advanced weapon systems.
For years, the global production of rare earth minerals and other strategically important materials has been overwhelmingly dominated by China, creating a pressing need for Western countries to secure alternative sources— and Ukraine stands out as a key player in this quest.
(aj)
SOURCE: CNN; Reuters; CNBS; IAR