New Zealand Trade Minister Phil Goff is scheduled to sign a free trade agreement with China today, and insurance is expected to be among the services granted special access to the giant Chinese market.

While details of the agreement won’t be released until after the signing, NZ officials in Beijing for the signing ceremony between Mr Goff and Chinese Commerce Minister Chen Deming say NZ is the first Western nation to reach a bilateral deal with China following its admission to the World Trade Organisation.

“By reducing barriers to trade in goods, services and investment in China, the [agreement] will give NZ businesses a distinct advantage over competitors in that market,” Mr Goff said.

Prime Minister Helen Clark says the trade pact will cut tariff barriers for farm exports to China, and officials have said the services sector, from insurance and banking to education and labour supply, will also be affected.