Japan's economic partnership agreement with the European Union entered into force Friday, creating a free trade area that covers about a third of the world's economy.
The pact will eliminate tariffs on most reciprocal trade, encourage business investment and ensure the protection of intellectual property rights, as Japan and the European Union hope to provide a strong counter to creeping protectionism amid a U.S.-China tariff war.
Under the pact, which was signed in July and ratified in December after five years of negotiations, consumers will gain access to cheaper imported food items, while the elimination of duties on industrial products will help curb costs for exporters.