Japan and the European Union sealed a broad agreement Thursday on free trade in a deal they hailed as a sign of their joint efforts to promote an open economy.

After four years of talks, Prime Minister Shinzo Abe, European Council President Donald Tusk and European Commission President Jean-Claude Juncker announced a deal in Brussels that will form a market of nearly 640 million people and account for nearly one-third of the global economy.

"Amid moves of protectionism, we could demonstrate our commitment to raising the banner of free trade. It's an outcome to be proud of," Abe said at a joint news conference with Tusk and Juncker.