BRUSSELS, April 25 (Xinhua) -- The European Union and Japan hailed their bilateral trade agreement on Thursday, saying it is the model of high standard rules in the 21st century.

The EU-Japan Economic Partnership Agreement (EPA) entered into force as of Feb. 1, 2019, creating an open trading area covering over 600 million people and almost one third of the world's total economic output.

Their leaders, including European Commission President Jean-Claude Juncker, European Council President Donald Tusk, and Japanese Prime Minister Shinzo Abe, met in Brussels on Thursday at the 26th Summit between the EU and Japan.

A statement after the summit hailed the EPA "as one of the greatest achievements in EU-Japan relations" and "the model of high standard rules in the 21st century to promote free, open, rules-based, and fair trade and investment."

"We also welcome the first Joint Committee of the EPA confirming our joint commitment to fully and efficiently implement the EPA and to facilitate the use of the EPA tariffs and other preferences to the full extent for the benefit of our respective citizens, consumers and businesses," the statement said.

The trade agreement promises to slash custom duties and expand market access for European and Japanese products

"The EU and Japan will continue their investment negotiations, aimed at achieving a high standard agreement," the statement added.