Ukraine and the United States have "taken a step" toward a joint economic partnership agreement, Economy Minister Yulia Svyrydenko said on April 17.
Svyrydenko, who is also first deputy prime minister, said on X that Ukraine and the United States signed a memorandum as an initial step toward clinching an agreement.
"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," Svyrydenko said.
The memorandum “demonstrates the constructive joint work of our teams and the intention to finalize and conclude an agreement that will be beneficial to both of our peoples," she said.
The agreement will open up opportunities for investment, infrastructure modernization, and mutually beneficial partnership between Ukraine and the United States, she said.
"It is important that we reaffirm through our agreements the desire of the American people to invest together with the Ukrainian people in a free, sovereign, and secure Ukraine,” she added.
Svyrydenko’s messages on X did not directly mention a minerals deal that the United States and Ukraine have been discussing for months, but she said the two sides continue to work on the economic partnership agreement.
While there is still a lot to do, she said “the current pace and significant progress give reason to expect that the document will be very beneficial for both countries.”
SEE ALSO: Why China Is Flexing Its Dominance Of Rare Earth Minerals In US Trade WarEarlier, US President Donald Trump said that an agreement on Ukraine’s rare earth minerals is ready, and he expects it to be signed on April 24. The United States offered Kyiv “a big deal right away,” according to Trump.
Trump's administration has made securing rare earth supply chains a strategic priority, especially as global competition with China intensifies.
The deal with Ukraine is seen in Washington as a way to diversify minerals -- strategic resources essential to modern technologies and national security -- and reduce US dependency on Chinese exports.
It's also seen by Trump as a way to be compensated for billions of dollars in support Washington has supplied to Ukraine in its war with Russia, sparked by Moscow's February 2022 full-scale invasion of its neighbor.
Talks on a cease-fire in the conflict have been occurring in parallel to the economic partnership talks.
Svyrydenko said that, once finalized, the draft economic partnership agreement will require ratification by the Ukrainian parliament to ensure the agreement aligns with Ukraine's long-term national interests.
The agreement "will create opportunities for investment and development in Ukraine and establish conditions for tangible economic growth for both Ukraine and the United States," she said.