Japan and Chile have produced a framework free-trade accord that will abolish tariffs on 92 percent of both countries' exports over 10 years, settling negotiations in principle just seven months after they were launched, the government announced Friday.

The two countries struck the basic agreement during two days of high-level talks that began Sept. 13, following four rounds of formal negotiations started in February.

Tokyo and Santiago will now translate the accord into legal documents and they expect it to take effect early next year, Japanese officials said.