Leaders from Japan and the European Union on Thursday announced their agreement on the broad strokes of a trade deal that will cover nearly 30 percent of the global economy, 10 percent of the world’s population and 40 percent of global trade.

If the nations agree to the terms, the deal will create a trading bloc roughly the same size as that established by the North American Free Trade Agreement, a 1994 deal between the United States, Mexico and Canada.

Coming on the eve of the Group of 20 meeting of global leaders in Hamburg, the announcement appeared to be a calculated rebuke of both the United States, which has spurned global trade agreements in favor of more protectionist policies under President Trump, and Britain, which voted to leave the European Union last year.