COLOMBO, Nov. 21 (Xinhua) -- Sri Lanka plans is expected to sign the Sri Lanka-Thailand Free Trade Agreement (FTA) in February 2024, Sri Lanka's cabinet spokesperson Bandula Gunawardena told reporters on Tuesday.

At a press conference, Gunawardena said the agreement will be signed following the completion of negotiations by December 2023.

The cabinet has approved the free trade agreement, which will see 80 percent of tariff lines liberalized over 15 years, he said.

Sri Lanka is Thailand's fourth-largest trading partner in South Asia, and Sri Lanka's main exports to Thailand include gems, jewellery, tea, spices, fiber and metal products, according to official data.

In 2021, Sri Lanka imported goods from Thailand worth 355 million U.S. dollars and exported 59 million dollars' worth of commodities to Thailand, according to official data.