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The writer is secretary of the United States Treasury
While much has been informed about the economic association that President Donald Trump has proposed to his Ukrainian counterpart, Volodymyr Zelenskyy, there is much in this regard that has been misrepresented or is simply bad. So, I appreciate this opportunity to make it clear how this association benefits our two nations.
Without the support of the United States and the American people, the position of Ukraine today would be dangerous at best. The support of the United States has allowed a historical and brave defense of the Ukrainian people, and as a result, we are now on the verge of a peace agreement for Ukraine and a stability renewal in Europe.
As reported above, Zelenskyy proposed to give the United States a participation in the elements of rare earths of Ukraine and critical minerals in a visit to the Trump tower in September. In other words, it was the Ukrainian president himself who first proposed to President Trump a future economic association with shared benefits for both nations.
We know that the economic future of Ukraine in a moment of peace can be more prosperous than at any other time in the history of the nation, and an association with the Americans will guarantee their prosperity. President Zelenskyy recognizes this and also does President Trump. With these facts in mind, I traveled to kyiv on my first international visit as Secretary of the Treasury with a proposal that demonstrates our long -term commitment to a free and safe Ukraine, an agreement focused on the turbocharger of the country’s economic growth.
This association will support the continuous commitment of the United States with the people of Ukraine and lay the foundations for a solid reconstruction of the Ukrainian economy. While assets prices can be volatile, the Ukrainian debt has negotiated with the news, indicating that the creditors and financial markets of Ukraine appreciate the benefits of the economic association.
The Ukrainian people have demonstrated incredible courage and resilience. They deserve to enjoy the benefits of freedom for which they have fought so heroically. Ukraine is endowed with natural resources and other national assets that can boost their postwar economic growth, but only if their government and people are armed with sufficient capital, experience and correct incentives.
The terms of our association propose that the income received by the Ukrainian government of natural resources, infrastructure and other assets are assigned to a fund focused on the reconstruction and long -term development of Ukraine, where the United States will have economic and economic rights and Government in those future investments. This structure and relationship provide the high standards of transparency, responsibility, corporate governance and legal frameworks necessary to attract the robust private investment for postwar growth in Ukraine.
The participation of the United States would not leave room for corruption and internal agreements. When I was in kyiv, I met many US companies that have been in the field in Ukraine for years. And I have spoken with many more who are ready to support the Ukrainian economy through a fair and lasting peace. The terms of this association will mobilize American talent, capital and high standards and governance to accelerate the recovery of Ukraine and send a clear message to Russia that the United States is invested in a long -term free and prosperous Ukraine.
The United States is a long -term partner in this relationship. The income of future income flows would be reinvested in key sectors focused on unlocking more Ukraine growth assets. The terms of this agreement would also ensure that countries that do not contribute to the defense of the sovereignty of Ukraine will not be able to benefit from their reconstruction or these investments.
The United States has always been creative to find ways to better support its partners. In 1942, the United States and the United Kingdom agreed “to promote mutually advantageous economic relations between them and the improvement of world economic relations”, based on the exchange of destroyers for baseing rights on the Caribbean. This future provision helped lay the financial bases for unprecedented economic growth experienced in the last 80 years.
In a similar line, President Trump’s innovative approach represents a new model for the International Productive Association. Let’s also be clear about what this is not. The United States would not be taking possession of physical assets in Ukraine. Nor would it be to load Ukraine with more debt. This type of economic pressure, although displayed by other global actors, would not advance US or Ukrainian interests. To create more long -term value, the United States must be invested together with the people of Ukraine, so that both parties are encouraged to win as much as possible.
The nearby neighbor of Ukraine, Poland, has demonstrated what is possible. Through solid economic policies and a diversified economy, Poland has been an attractive commercial partner and investment for the United States. Since 1992, Poland’s economy in real terms of GDP has more than tripled in size, while the per capita income of its citizens is more than seven times greater today than it was then. The success that Poland has seen from structural reforms, investment in infrastructure, attracting foreign investments and developing a qualified workforce provides a clear prior view of what Ukraine can achieve. Its strategic location, the laborious population and natural resources are a solid basis for the aspirations of the Ukrainian people.
The proposed association of President Trump aligns the interest of the American people with those of the people of Ukraine. The president recognizes that national security is built together with economic security, and the more successful and safe, the postwar period, the more it will benefit so much that both the Ukrainian people and the people of the United States. This economic association would lay the foundations for lasting peace by sending a clear signal to the American people, to the people of Ukraine and the Russian government about the importance of the future sovereignty and success of Ukraine for the United States.