The EU-Japan free trade agreement is analyzed using a model that considers various factors like services trade and non-tariff barriers. The agreement is expected to bring significant economic benefits, with Japan gaining about 18 billion USD per year and the EU gaining about 15 billion USD. The agreement mainly reduces costs through non-tariff barrier reforms, with the services sector benefiting the most. The agri-food sector in the EU and manufacturing and services sectors in Japan see the most gains. Other countries outside the agreement are not significantly affected, but some regions like the Americas, Africa, and MENA countries may experience slight losses.