New Zealand dairy company Fonterra has secured a US$300 million contract to supply nutritional milk powders to China, following the two countries signing a free trade agreement (FTA) in early April, The New Zealand Herald reported. Philip Turner, Fonterra’s general manger of trade for Asia, said the contract was with "a major multinational customer." He noted that the deal, which was concluded on the basis of the FTA being signed, "results in a considerable volume of business and processing being done in New Zealand that would otherwise have gone offshore, in this case to Singapore." Under the terms of the FTA, tariffs on all dairy products will be phased out over the next five to 12 years. China is New Zealand’s fourth-largest market for dairy products.