Beijing ? China and New Zealand signed a sweeping free trade agreement Monday, China’s first such pact with a developed country.

The deal, signed by Commerce Minister Chen Deming and his New Zealand counterpart Phil Goff at Beijing’s Great Hall of the People, will give New Zealand access to one of the world’s fastest-growing economies.

“This is an historic day for China-New Zealand relations,” said Premier Wen Jiabao in remarks ahead of the signing. “The agreement not only means we met goals we set two years ago for our negotiations, but it also makes New Zealand the first developed country to reach a free trade agreement with China.”