(Yicai Global) Nov. 16 -- China and Europe are planning to pen an agreement that should ease market access on both sides as soon as this year after more than six years of negotiations, according to the chief of a Chinese business network in Europe.

The parties are in the final sprint to complete negotiations about the EU-China Comprehensive Agreement on Investment by December, The Paper reported today, citing Zhou Lihong, chairwoman of the China Chamber of Commerce to the European Union.

The deal could facilitate more investment and liberate trade in the two economic regions covering 1.9 billion consumers. That could further widen China's influence after some 15 countries, including Australia, Japan, and the Association of Southeast Asian Nations, penned the Regional Comprehensive Economic Partnership agreement yesterday to form the world's largest trade bloc.

Amid the Covid-19 pandemic this year, the ASEAN has been increasing its business dealings with China to become its largest trading partner while China's trade with the EU and the US has decreased.

Signing the RCEP serves as the latest exciting example of international economic and trade cooperation, which is experiencing protectionist and unilateralist backlash, said Zhou. The deal also boosts confidence about global economic recovery after the Covid-19 pandemic, she added.

The RCEP will promote the formation of the world's most populous free trade zone with the most diverse membership structure and the greatest development potential while easing tariffs and rules will bring tangible benefits to companies, the CCCEU said yesterday.

Editor: Emmi Laine