Ukraine, Singapore start negotiations for FTA

Singapore, May 8 (UNI) Ukraine and Singapore today launched negotiations for a bilateral Free Trade Agreement (FTA).

The FTA will increase bilateral trade and investment and is expected to provide greater confidence for investors and businesses, a Singapore Ministry of Trade and Ministry said in a statement.

The key elements of the FTA include measures to liberalise trade in goods and services and the investment regime, simplify customs procedures, enhance competition, open up government procurement, cooperate in the protection of intellectual property rights, sanitary and phytosanitary measures and technical barriers to trade, and other general provisions.

''Ukraine is an emerging economy rich in natural resources, especially metals,'' the statement said.

The negotiations were led by Deputy Minister of Economy, Ukraine Valerii Piatnytsky and Second Permanent Secretary (Designate) from the Ministry of Trade and Industry Singapore Ravi Menon.

Ukraine is Singapore's 55th largest trading partner in 2006, with total trade amounting to 774 million Singapore dollars. The bilateral trade more than doubled from 2002 to 2006.

UNI