Ukrainian President Petro Poroshenko on Thursday signed a law on deregulation aimed to improve the country's business and investment environment, the presidential press service said.

According to a statement on the presidential website, the new legislation will remove government regulation of various sectors and ease administrative requirements for starting and doing business.

The law provides for reducing the number of licensing documents required for business activity and slashes the influence of state authorities on entrepreneurs, the statement said.

Besides, the legislation establishes new legal framework to better protect foreign and domestic investors, it said.

The law, which is part of Ukraine's major reform program entitled "Strategy 2020," is aimed at harmonizing Ukraine's legislation with international standards and creating more transparent business environment.

In the latest World Bank's "Doing Business" report, which evaluates how easy it is to conduct business, Ukraine was ranked 96 out of 189 global economies.