Accelerating a global race to strengthen ties with Asia's economic powers, Tokyo and Bangkok inked a free-trade agreement Tuesday that will abolish tariffs on more than 90 percent of bilateral trade over 10 years.

Japan's exports to Thailand totaled 2.66 trillion yen last year, making Thailand Japan's sixth-largest export market by value. The FTA will make 97 percent of those exports tariff-free, most notably steel and auto parts.

Thailand's exports to Japan totaled 1.96 trillion yen, 92 percent of which is expected to be tariff-free.