This time it is with the United Arab Emirates (UAE). Prime Minister Christopher Luxon travelled to witness the signing this week in Abu Dhabi.
Such agreements are even more important as the direction of international trade rules and practices continues to change.
The days of progress under the World Trade Organisation, including under the ebullient leadership of New Zealander Mike Moore, briefly Prime Minister, are long, long gone.
Increasingly, geopolitics and trade policy are intermingled. Increasingly, individual countries and separate blocks must go on their own.
The soon-to-be-inaugurated United States president Donald Trump will accelerate these trends.
He will be unpredictable, erratic and destructive to established norms.
In his first term in office, he pulled the US back from international organisations, and he is determined to make his mark the second time around.
His threatened tariffs of up to 20% could well be disruptive. The possibility of trade wars sits in the background.
China's trade with the US, already under strain, will not tick along as before.
China will divert more to the rest of the world, other than perhaps the European Union.
The importance of India and Southeast Asia will grow.
A mouse among the elephants, New Zealand must continue to work away and try to avoid being trampled.
The UAE agreement is handy, even though tariffs there were already low.
Trade exports have been $1.15 billion a year and they are expected to grow substantially. There is demand from the UAE's 10 million people (which includes Dubai) for dairy and high-grade food.
New Zealand trade minister Todd McClay is also selling the value of services: about 4000 New Zealanders work in the Emirates.
Large-scale investment from UAE-based funds to New Zealand, perhaps in infrastructure, also becomes more likely.
The UAE deal opened the way for an agreement with the rest of the Gulf Co-operation Council, Bahrain, Kuwait, Oman, Qatar and Saudi Arabia. They are already a $1.6b export market.
Together, the council countries are New Zealand's sixth-largest dairy market.
Encouragingly, the major parties in New Zealand are mostly in step with trade policies.
This allows for a consistent approach to deals which can take many years to finalise.
The parties should be supportive. New Zealand is one of the world's most trade-dependent nations.
International trade makes up about 60% of this country's economic activity.
We are far too small to sustain most export sectors with internal sales or to produce the range of goods we need and want.
Tariff elimination and free trade must be pursued whenever and wherever.
Last November, for example, a deal was signed with relative minnows Costa Rica, Iceland and Switzerland. Every bit helps.
The best possible, although far from ideal, deal was signed with the European Union in 2023.
The Comprehensive and Progressive Trans Pacific Partnership (CPTPP) is important, even if Canada refuses to play by the rules on dairy and the United States never came on board.
The Regional Comprehensive Economic Partnership (2021) includes several CPTPP nations but notably also China. Its rules are not as strong as the CPTPP's but it was designed to eliminate tariffs on 91% of goods, as well as standardise rules on investment and intellectual property.
Although part of the early-stage negotiations, India was a notable absentee.
India is a big prize New Zealand is now seeking.
Mr Luxon, perhaps foolishly, promised to have it done by the end of this government's term.
Australia achieved a trade deal with India, and New Zealand was negligent in letting earlier endeavours lapse from 2015.
New Zealand reached out to India last year and received a positive response.
Any arrangement will have its limitations. India is never going to expose itself to free dairy imports.
But in a flawed world that is becoming even more imperfect, New Zealand can only do its best to secure the best possible trading agreements.
