New Zealand became the first developed country to sign FTA with China in the year 2008. The upgrade to this agreement that was pending since the last few years was recently concluded. The updated deal now makes exports easy to China apart from decrease in compliance costs for New Zealand exports by millions of dollars yearly. Another advantage of the agreement is it will also provide preferential access for New Zealand’s paper and wood trade to China for next ten years. New Zealand and China has been the biggest trading partner with its annual two-way trade surpassing $32 billion New Zealand dollars ($21bn). In the deal, existing terms on dairy trade have been retained in the agreement and the final procedure is expected to be completed by early 2020.