NEW Zealand and China's Taiwan yesterday signed an economic agreement which will boost trade between the two economies.

The Agreement between New Zealand and the separate Customs Territory of Taipei, Penghu, Kinmen, and Matsu on Economic Cooperation (ANZTEC), was singed in Wellington by the directors of the New Zealand Commerce and Industry Office, and the Taiwan Economic and Cultural Office.

New Zealand Trade Minister Tim Groser said yesterday in a statement that signing of the ANZTEC will deliver real benefits to New Zealand exporters.

"This agreement will immediately eliminate the tariffs for over 70 percent of current exports to Chinese Taipei, and will eventually allow 100 percent of New Zealand goods to enter tariff- free," he said.

In addition to liberalizing goods trade, the ANZTEC provides enhanced access for services exporters, investors and business travelers.

Last year, Taiwan's exports to New Zealand totaled US$524 million and its imports from New Zealand totaled US$690 million.