Brussels: The leaders of the European Union (EU) and Japan agreed on Wednesday to launch an economic and strategic partnership aimed at enhancing economic cooperation, defending free trade, and confronting unfair tariff practices. This agreement comes as both regions face mounting challenges from the United States and China.

According to Qatar News Agency, the agreement was reached during a meeting that included President of the European Commission Ursula von der Leyen, President of the European Council Antonio Costa, and Japanese Prime Minister Shigeru Ishiba. The deal also follows Japan's new trade agreement with the United States, under which the US will impose a 15 percent tariff on imported Japanese cars and products, instead of the 25 percent previously planned by US President Donald Trump.

In a joint statement issued by the European Union, EU and Japanese leaders agreed to launch a competitiveness alliance aimed at boosting trade, economic security, innovation, energy cooperation, among other areas. Both sides expressed support for an economic system that is free, fair, stable, and predictable, one that is based on clear and consistent rules.

The leaders reaffirmed the importance of EU-Japan cooperation in supporting a multilateral trade system, with the World Trade Organization (WTO) at its core, together with other multilateral cooperation efforts.