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.

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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.