TOKYO, July 17 (Xinhua) -- Japanese Prime Minister Shinzo Abe and European Union (EU) leaders signed a free trade agreement on Tuesday eliminating tariffs on the majority of their products.

Abe, during talks with European Commission President Jean-Claude Juncker and European Council President Donald Tusk, described the deal as momentous, while trumpeting the virtues of free trade versus protectionism.

During the meeting in Tokyo prior to the signing ceremony, Abe described the deal as a "historic achievement."

The agreement between Japan and EU will lead to the creation of one of the world's largest economic blocs that will constitute roughly 30 percent of global gross domestic product.