Intensified trade protectionism led by the Trump administration in the U.S.negated the Trans-Pacific Partnership (TPP) AgreementuntilJapanese Prime Minister Abe restored it in 2018 without U.S. participation. At present, the trade wars between China and the U.S. and between the European Union (EU) and the U.S. are still ongoing processes and no one can predict exactly what the results will be for the global economy. Eventually, trade protectionism may be regarded as the Achilles heel of global economic cooperation. Despite the protectionist atmosphere, there is a pro free trade movement in the global economy. The EU and Japan started negotiations for a free trade agreement (FTA) in 2012 and finalized their agreement in December 2017 after 18 rounds of negotiation. The two parties agreed in principle on the main elements of the EU-Japan FTA. After a legal verification and translation process, the European Commission submitted the agreement for the approval of the European Parliament and EU members. As a highly developed economy and a major global trader and investor, Japan is one of the most important partners for the EU. The EU-Japan FTA will lead to extensive economic cooperation accounting for approximately 30% of global gross domestic product (GDP) in 2017. Moreover, the EU-Japan FTA removes many barriers and establishes global trade rules in line with the high standards of free trade and shared values. In addition, it sends a powerful signal that two major economies reject the protectionism that has arisen since the global financial crisis in 2008 in general and the Trump administration in 2017 in particular. This article focuses on the EU-Japan FTA and examines whether it will boost economic growth and provide benefits for both parties. It also investigates and analyzes which industrial sectors will profit the most in the two economies. Finally, it estimates the impact of the EU-Japan FTA on the global trade environment.