BEIJING, April 7 (UPI) -- China and New Zealand signed a free trade agreement Monday called "historically significant" by Chinese Premier Wen Jiabao.
It was the first such agreement between China and a developed country, Xinhua reported. New Zealand Prime Minister Helen Clark called the agreement "a significant achievement."
Wen said the agreement would "promote economic growth and bring practical benefits to the two peoples." He called Monday "a day of historic significance," Xinhua reported.
The agreement is New Zealand's largest such pact since 1983 when it reached a trade agreement with Australia.
China ranks third on New Zealand's list of trade partners. For export profits, China ranks fifth.
The deal was signed by New Zealand Trade Minister Phil Goff and Chinese Commerce Minister Chen Deming.
