The meeting concerning trade between Europe and Japan was sidetracked due to the moderator’s absence.
The 日 refers to Japan (It's the 日 of 日本). So, you have Japan and Europe, which is Japan and Europe or Europe and Japan.
This is a jukugo word, which usually means on'yomi readings from the kanji. If you know the readings of your kanji you'll know how to read this as well.