On Tuesday, the European unio and Japan signed a huge free trade deal that cuts or eliminates tariffs on nearly all goods. The agreement covers 600 million people and almost a third of the global economy. Its also a major endorsement of a global trading system that is under increasing threat from protectionism.

The agreement will remove tariffs on European exports such as cheese and wine. Japanese automakers and electronics firms will face fewer barriers in the European unio. The dismantling of trade barriers stands in stark contrast to the approach taken by US president Trump, who has imposed tariffs on a range of foreign goods and is threatening more action.

Donald Tusk, president of the European Council, hailed the agreement as the ‘largest bilateral trade deal ever’. "Relations between the European unio and Japan have never been stronger," he said in a written statement. "Geographically, we are far apart. But politically and economically we could hardly be any closer."

According to money.cnn.com, Japan and the European unio traded roughly €129 billion ($152 billion) of goods last year.

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