Ukraine and the United States have made “substantial progress“ in their negotiations on the rare earth elements deal and will sign the relevant memorandum in the near future, Ukrainian First Deputy Prime Minister and Economy Minister Yulia Sviridenko said, quoted by Reuters, BTA reports.
US President Donald Trump wants to conclude the bilateral agreement on rare earth elements as part of his attempts to stop the conflict in Ukraine. Trump sees such a deal as a means to return billions of dollars that the United States has spent on military aid to Ukraine. Ukrainian President Volodymyr Zelensky said that Kiev would not recognize previous US military aid as loans.
“Our technical teams worked together very thoroughly on the agreement, and we have made significant progress. Our lawyers have identified the right points in the draft agreement and I thank the negotiators from both teams,” Sviridenko said. She added that work on the agreement would continue and that both sides had agreed to conclude a memorandum of understanding in the near future as a first step to consolidate this progress. Last month, the Trump administration proposed a new, broader deal on rare earth elements that does not give Kiev future security guarantees but requires it to place under the control of a joint investment fund all revenues from the exploitation of natural resources by state and private companies throughout Ukraine. The future agreement will require ratification by the Ukrainian parliament and is expected to help the economic growth of both countries, Sviridenko said, without giving further details. The agreement will create opportunities for investment and development in Ukraine and conditions for tangible economic growth, such as for Ukraine and for the US“, she added.