New Zealand has negotiated yet another free-trade agreement with an Asian economy, the latest being with Hong Kong.

The deal was announced today at the summit of Asian-Pacific leaders in Singapore and follows the unveiling of similar agreements with China, Malaysia and some Gulf states.

Prime Minister John Key, who is attending his second APEC meeting, said the Hong Kong deal was another link in the chain of such agreements.

"It is another gateway into the Asian region," he said.

He said the agreement was largely based in the services sector and would benefit New Zealand companies seeking to grow in the Hong Kong market.

New Zealand and Hong Kong previously tried to hammer out a free trade agreement in 2002 but negotiations broke down.

Hong Kong is currently New Zealand's 11th largest export market and a significant source of foreign investment.

Exports totalled nearly $800 million in the year to last March.