KEY POINTS:
Trade agreements with China had opened up a lucrative market to New Zealand companies according to a Chinese official speaking at today's China Business Forum in Auckland.
Zhao Yanbo, charge d'affaires at the Chinese Embassy, encouraged New Zealand companies to seize the "golden opportunities" in China.
According to Zhao, US$2.5 trillion of goods are consumed in the Chinese domestic market.
Zhao said the attempts by the Chinese and New Zealand governments to accelerate the free trade agreement negotiations will benefit both countries.
He mentioned figures that projected an additional $270 to $400 million worth of New Zealand exports to China each year for the next 20 years as a result of the free trade agreement.
Zhao said China's people are very impressed by the steps New Zealand had taken in reaching trade agreements with their country.
Minister for Trade Phil Goff said the goal was to have completed negotiations by April 2008.
"We've made good progress overall though dairy is still an issue for China," he said.
New Zealand's preference for Most Favoured Nation status in the areas of services, investment and government procurement is proving a sticking point in negotiations, said Goff.
"China is reluctant to make concessions here and negotiations will likely centre on areas of key interest to both sides rather than an across the board MFN.
