On July 24, the Free Trade Agreement between the governments of the People's Republic of China and the New Zealand signed in Beijing on April 7 was passed by an overwhelming majority of the New Zealand Parliament, with 104 affirmative votes and 17 dissenting votes. Upon the approval of this decision by the Governor-General of New Zealand, the domestic procedures needed to be fulfilled by both sides shall be completed, and the agreement shall go into effect as of October 1, 2008.

The Free Trade Agreement between the governments of the People's Republic of China and the New Zealand is the first comprehensive FTA covering cargo trade, trade in services, investment and many other areas signed between China and other countries. It is also the first FTA signed between China and the developed countries.

After the agreement becomes effective, China and New Zealand shall, according to their respective commitment, reciprocally reduce the cargo trade customs duty, open trade in services market, facilitate the personnel flowing between the two countries, protect and promote the two-way investment and strengthen the communications and cooperation in the fields of customs, inspection and quarantine, intellectual property rights, etc.