Exports of apples, seafood and most manufactured goods to China will be tariff-free by 2012.
Kiwifruit, beef and sheepmeat tariffs will fall to zero by 2016, while tariffs on butter and cheese will disappear in 2017 and those on milk powders two years later.
Wellington Chamber of Commerce chief executive Charles Finny said the deal was the most important free trade agreement for New Zealand since the finalisation of CER with Australia 25 years ago.
"I'm very impressed. It's much better than the Thailand deal that was done a few years ago."
Export NZ chief executive Bob Walters said the tariff phase-outs were quicker than he had expected.
"They have done remarkably well," he said. "The phase-out times are as good as we are likely to see."