Ukraine and Singapore have launched negotiations for a bilateral Free Trade Agreement (FTA), a statement from the Singapore Trade and Industry Ministry said Tuesday.

The FTA will increase bilateral trade and investment, and provide greater confidence for investors and businesses, the statement said.

Key elements of the FTA will include measures to liberalize trade in goods and services and the investment regime and cooperate in the protection of intellectual property rights and other general provisions.

Ukraine was Singapore's 55th largest trading partner last year, with total trade amounting to 774 million Singapore dollars (about 510 million U.S. dollars).

Source: Xinhua