Colombo, Jan 25 (IANS) Sri Lanka's cabinet has granted approval to sign a free trade agreement (FTA) with Thailand, the government's information department said on Thursday.

A complete 14-chapter draft FTA was prepared after nine rounds of discussions between the two sides, Xinhua news agency reported.

The department, in a statement said the development of supply capacity, attracting export-oriented foreign direct investment and expanding international market access for Sri Lankan goods and services had been identified as strategies essential for the country's economic growth.

The National Trade Negotiations Committee has also exchanged views with all relevant local stakeholders during the negotiation process.