Ukraine and Singapore have begun negotiations for a bilateral Free Trade Agreement (FTA), according to Channel NewsAsia.

A Trade and Industry Ministry statement on Tuesday said the FTA would increase bilateral trade and investment, and provide greater confidence for investors and businesses.

Key elements of the FTA include measures to liberalise trade in goods and services, and cooperation in the protection of intellectual property rights.

Ukraine was Singapore`s 55th largest trading partner last year, with total trade amounting to S$774 million.