Japan's recently sealed free trade pacts with 10 Pacific Rim countries and with the European Union will increase real gross domestic product by an estimated ¥13 trillion ($114 billion), the government said Thursday.

The estimated combined effects of the revised Trans-Pacific Partnership and the trade agreement with the European Union, both expected to be implemented as early as 2019, would be equivalent to 2.5 percent of real GDP in fiscal 2016.

While the two deals are forecast to create 752,000 new jobs by boosting exports and investment, they will also reduce annual production of agriculture, forestry and fishery products by up to ¥260 billion due to tougher competition from lower-cost imports. The government aims to introduce steps to strengthen the heavily protected agricultural sector.