After almost seven years of negotiations, the European Union (EU) and China agreed on an agreement on Wednesday that would give European companies easier access to China.

It may take another year for the agreement to take effect.

The agreement will give European companies access in China to sectors such as electric cars, private hospitals, real estate, the advertising market, cloud services and aviation services.

As is now the case, it will no longer be necessary for European companies to have a Chinese partner before they can enter the market.

China will also no longer require companies to give up their technology, it will also be more open about the subsidies it provides to homegrown companies, and state-owned companies will no longer be allowed to 'discriminate' against foreign investors.

The US has previously concluded a similar agreement with the Chinese, known as the first phase of the trade agreement to follow years of conflict.