In a significant development for Ukraine's economy, Economy Minister Yulia Svyrydenko has announced that the country has signed the outline of a minerals deal with the United States. This memorandum is expected to pave the way for a comprehensive economic partnership agreement that could have far-reaching implications for both nations.

The announcement follows a tumultuous period in negotiations, notably marked by a public confrontation between Ukrainian President Volodymyr Zelensky and former US President Donald Trump earlier this year. In February, their heated exchange at the White House appeared to temporarily derail the discussions surrounding this critical deal.

Minister Svyrydenko stated that the finalized agreement would also encompass the establishment of an investment fund dedicated to the reconstruction of Ukraine, which has been significantly affected by ongoing conflicts. U.S. officials have expressed optimism that the accord could be completed by the end of next week, suggesting a renewed sense of urgency and commitment to move forward.

In her announcement shared on the social media platform X, Svyrydenko did not elaborate on specific details regarding the terms of the agreement. However, her post included photographs of her and U.S. Treasury Secretary Scott Bessent signing the memorandum independently. 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, she wrote.

The signing took place during an online call with Secretary Bessent, who confirmed that the particulars of the deal are still being finalized. Its substantially what wed agreed on previously. When President Zelensky was here, we had a memorandum of understanding. We went straight to the big deal, and I think its an 80-page agreement and thats what well be signing, he explained, indicating that the agreement builds upon earlier discussions.

Former President Trump also alluded to the pending deal during a press conference with Italian Prime Minister Giorgia Meloni, stating, We have a minerals deal which I guess is going to be signed on Thursday... next Thursday. Soon. And I assume theyre going to live up to the deal. So well see. But we have a deal on that. However, the White House has not provided additional information regarding the timing or specific contents of the agreement, leaving many details shrouded in uncertainty.

This burgeoning partnership is a crucial step for Ukraine as it seeks to enhance U.S. access to its vital minerals, as well as its oil and gas resources. Previous reports indicated that the proposed investment fund would be jointly managed by both Kyiv and Washington, operating on equal terms to ensure mutual benefits.

President Zelensky is reportedly keen to leverage this deal as a means to secure a U.S. security guarantee for Ukraine in the event of a ceasefire with Russia. However, the path to finalizing this agreement was complicated earlier this year when negotiations were sidetracked by the intense dialogue between Zelensky and Trump at the White House.