On the 100th day of Trump's return to the White House, the United States and Ukraine signed a broad partnership agreement in Washington on Wednesday, April 30, to establish an investment fund aimed at rebuilding the war-ravaged country while allowing Americans access to Ukraine's rich natural resources.

Economic Partnership Agreement

In recent weeks, this draft agreement, which has drawn global attention, has also been at the heart of tensions between Kyiv and Washington. The support from Washington is crucial for Ukraine. After weeks of tug-of-war, including two intense arguments in the Oval Office of the White House, both sides finally reached an agreement.

Although the document needs approval from Ukraine's parliament after signing, Economy Minister Sviridovych of Ukraine said on Wednesday in Washington that the fund jointly created with the U.S. will attract global investment for Ukraine. She emphasized that the agreement will fund mineral, oil, and gas extraction projects, but Ukraine will retain full ownership and control over these resources.

Foreign Minister Andriy Yermak of Ukraine stated on Thursday that the mineral agreement signed with the U.S. marks an important step in strengthening the strategic partnership between Ukraine and the U.S., aiming to strengthen Ukraine's economy and security.

Treasury Secretary Bessent said in a video address: "I am pleased to announce today that we have signed a historic Economic Partnership Agreement with Ukraine." He pointed out: "To honor the significant financial and material support provided by the American people since Russia's invasion, this economic partnership positions our two countries as cooperative partners for joint investment, ensuring that our assets, talents, and capabilities can accelerate Ukraine's economic reconstruction."

Key Points Adjusted

It is reported that the latest draft of the agreement adjusts several key points in previous versions that Ukraine opposed. For example, Kiev had expressed concerns about the wording in another version, fearing it might violate EU law by offering preferential treatment to American investors. Since Ukraine urgently wants to join the EU and must ensure its laws are consistent with those of the EU, the text includes a clause protecting Ukraine from any binding agreements that might hinder its goal of joining the EU. The text also allows for possible revisions to certain parts of the agreement if necessary under good faith negotiations in the future.

In addition, this draft deletes the previous requirement for Ukraine to repay U.S. military aid. According to AFP reports, Prime Minister Shmyhal stated on state television that this agreement is "good, equal, and mutually beneficial," emphasizing that Ukraine will not be required to repay any "debt" resulting from the billions of dollars in weapons and other assistance provided by the U.S. since February 2022. "The profits from the fund will be reinvested entirely in Ukraine."

U.S. officials said that the U.S. and Ukraine have signed an agreement to jointly invest in Ukraine's mineral resources, oil, natural gas, and other natural resources, meeting a key requirement of the White House and providing Ukraine with the long-desired U.S. support it craves.

This text establishes an "Investment Fund for the Reconstruction of Ukraine," with Ukrainians and Americans contributing to and managing the fund in equal proportions.

Abundant Mineral Resources in Ukraine

In fact, it is unclear exactly how much mineral wealth Ukraine possesses. Depending on different estimates, Ukraine's mineral resources account for approximately 5% of the world's total mineral resources, but not all of these resources have been mined or are easy to mine. Other resources are located in territories occupied by Russia. According to the 2024 World Mining Data, Ukraine ranks 40th among mineral-producing countries worldwide, including coal. Ukraine particularly has three strategic minerals: manganese (the 8th largest producer in the world), titanium (the 11th largest producer in the world), and graphite (the 14th largest producer in the world).

The French Geological and Mining Research Bureau (BRGM) states that Ukraine has "20% of the estimated resource quantity in the world." Ukraine is one of the countries with the greatest potential for lithium mining in Europe, but it has not yet been extracted. Although Ukraine's rare earth reserves have received special attention from former U.S. President Trump, reports indicate that Ukraine's rare earth reserves are not particularly outstanding.

Security Assurance

Another issue worth noting is the assurance of Ukraine's security. Media reports show that the latest version of the agreement does not provide any specific security assurances for Ukraine, but points out that Kyiv and Washington agree that this agreement confirms their "long-term strategic alliance" and the U.S. support for "Ukraine's security, prosperity, reconstruction, and integration into the global economic framework."

Treasury Secretary Bessent noted: "As the president said, the U.S. is committed to assisting in ending this cruel and meaningless war. This agreement sends a clear message to Russia that the Trump administration is committed to a long-term peace process centered around a free, sovereign, and prosperous Ukraine."

AFP reported that Trump previously refused to provide security guarantees to Ukraine and did not allow Ukraine to join NATO. However, he stated on Wednesday that America's presence there would benefit Ukraine. The report said that for Kyiv, this statement alone was a major victory. Since Trump returned to the White House, U.S.-Ukrainian relations have become tense, and Ukraine has been seeking any form of support from the U.S. It will seek more practical security guarantees in any future peace agreement.

The day after the agreement was reached, deadly attacks on Odesa, a southern city of Ukraine, were reported, killing two and injuring five. Ukrainian drones reportedly attacked Oleksandrivka, a Russian-controlled town in Kherson region, causing at least seven deaths and over 20 injuries, according to local officials.

The U.S.-Ukrainian mineral agreement may change the course of the war in Ukraine, but the fatal attacks show that the path to peace may still be long.

Source: rfi

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