Ukraine-US minerals deal: Shmyhal explained the details point by point before ratification

Prime Minister Denys Shmyhal explained in detail in parliament the provisions of the agreement between Ukraine and the United States on mineral resources, the ratification of which is expected in the Verkhovna Rada next week, writes UNN.

Details

"The government has submitted to the Verkhovna Rada for ratification an agreement with the United States on the establishment of the Reconstruction Investment Fund," Shmyhal said in Telegram.

Main provisions

From the rostrum of the Verkhovna Rada, he spoke about the main provisions of the agreement:

• an Investment Fund for Reconstruction is being created, which is managed by Ukraine and the United States on equal terms. No party will have an advantage in it. All decisions are made jointly;
• The Fund is an instrument for investment in Ukraine, not a mechanism for the transfer of assets. All Ukrainian natural resources remain with Ukraine;
• The Fund will be filled by the United States and Ukraine in a 50-50 ratio. On the part of the United States, these will be cash contributions or new military assistance;
• in the first 10 years, the Fund's profits are not withdrawn from Ukraine, but reinvested in Ukraine;
• The Fund will guarantee commercial purchases of products on a "take or pay" basis. That is, there will be a guaranteed demand for products;
• The Fund, through the American agency DFC, will attract American and European cutting-edge technologies, which will accelerate the restoration and modernization of Ukraine;
• the agreement does not mention any debt obligations of Ukraine;
• the Fund's income is not taxed by the United States and Ukraine. Critical minerals exported to the United States are not subject to duties, which in the current conditions provides unique opportunities for the development of trade;
• the agreement does not contradict other international obligations of Ukraine.

"Given the scale of the agreement, additional technical steps are also needed. The Fund is being created for decades, and therefore the process of its creation is not one day and not one decision," Shmyhal said.

The government, according to him, "hopes for the support of parliamentarians for the speedy ratification of this agreement and for further cooperation for its successful implementation." "This agreement will undoubtedly become the basis for new relations with the United States, which we need to protect our statehood in the war and rebuild our country after the war," the Prime Minister emphasized.

Addition

Voting in the Verkhovna Rada on ratification of the agreement between Ukraine and the United States on mineral resources is expected on May 8.

This is the so-called agreement on mineral resources, which Ukraine and the United States signed on April 30.

First Deputy Prime Minister - Minister of Economy Yulia Svyrydenko clarified that Ukraine signed an agreement with the United States on the establishment of an investment fund for reconstruction, detailing the details.