By Helen Regan and Kocha Olarn, CNN

Thailand's Cabinet on Wednesday approved a draft bill that will legally recognize same-sex civil partnerships and give greater rights to same-sex couples, a potential first for any nation in Southeast Asia if passed into law.

If ratified by parliament, it would make Thailand only the second place in Asia to allow for the registration of same-sex unions after Taiwan legalized same-sex marriage last year.

While it doesn't go as far as endorsing same-sex marriage, the Civil Partnership Bill allows same-sex couples to legally register their union, a significant move in what remains a largely conservative nation. Under the draft bill, same-sex couples can adopt children, claim inheritance rights, and jointly manage assets such as property for the first time.

Ratchada Thanadirek, a deputy government spokesperson, said it was a "milestone for Thai society in promoting equality among people of all genders."

"The Civil Partnership Bill is an important step for Thai society in promoting equal rights and supporting the rights of same-sex couples to build families and live as partners," she said in a Facebook post. Read more via CNN