New Zealand on Monday signed a cooperation agreement with China on the Belt and Road (B&R) Initiative, making it the first Western developed country to do so.
The signing of the memorandum of understanding was witnessed by Chinese Premier Li Keqiang and New Zealand Prime Minister Bill English at Wellington, the state-owned Xinhua News Agency reported on Monday.
China and New Zealand will explore the possibilities of bilateral cooperation in various fields to promote interconnectivity between the two nations, Li said in a joint press conference with English.
The signing caps a string of milestones the countries have made in bilateral cooperation.
New Zealand was among the first Western developed countries to conclude bilateral negotiations on China's entry into the World Trade Organization, to recognize China's status as a full market economy, to sign and implement a bilateral free trade agreement with China, and is a founding member of the China-led Asian Infrastructure Investment Bank.
The Belt and Road Initiative, which comprises the Silk Road Economic Belt and the 21st Century Maritime Silk Road that was launched by China in 2013, seeks to build a trade and infrastructure network linking Asia with Europe and Africa along the ancient land and maritime Silk Road trade routes.
Li arrived in Wellington on Sunday for a four-day visit to New Zealand, the first by a Chinese premier in 11 years.
Ahead of the press conference, Li spoke in English on bilateral ties with New Zealand and refuted claims of China dumping steel into the country.
Ninety percent of China's steel products are consumed domestically and only 10 percent are exported, Li said, noting that China-New Zealand trade actually leans toward the latter.
Fifty percent of dairy products imported into China come from New Zealand but "we haven't said NZ is dumping in China," Li added.
During his visit, Li is also scheduled to meet with Governor-General Patsy Reddy and opposition Labor Party leader Andrew Little, and attend a series business and cultural exchange events.