New Zealand is poised to become the first developed nation to sign a comprehensive trade agreement with China, the Financial Times reported. The signing ceremony, attended by Helen Clark, prime minister of New Zealand, and her Chinese counterpart Wen Jiabao, will take place in Beijing today. The agreement is the product of 15 rounds of negotiations over three years. Phil Goff, New Zealand’s trade minister, hailed the "high quality and comprehensive deal," suggesting it may form the basis for other trade agreements between developed nations and China. Details of the agreement have been kept secret but it is likely to involve the removal of all tariffs over time. China’s tariffs on New Zealand goods range from 10% to 20%. The agreement may also cover investment, rules of origin, trade in services and non-tariff barriers such as licensing and standards.