He said the agreement strengthened economic links between New Zealand and the Asia-Pacific region, and could be seen as connecting up important dots -- both strategic and commercial.
It gives a great number of New Zealand companies a strong platform for entry into China, which was now New Zealand's second largest trading partner.
"The CEP complements our existing FTA with China and, given Hong Kong's position as a regional trading and investment hub, supports New Zealand business engagement with the wider region," Mr Groser said.
"With a remarkable 43 percent increase in our exports to China over the past 12 months -- an extra billion dollars of export revenue earned -- there is real potential here for New Zealand.
"Our trade agreements with Hong Kong and China provide us with an unparalleled opportunity to increase our exports and our positive engagement with a region that will continue to be of central importance to our economy over the decades ahead."
The CEP is Hong Kong's first of the type aside from their agreement with mainland China.
"This agreement is focused on cementing certainty of access to markets and establishing a clear framework for companies to operate within," Mr Groser said.
"It is designed to encourage ease of doing business and to foster the free flow of people, innovation and business engagement.
"The conclusion of the CEP will also help to raise the profile of New Zealand businesses in Hong Kong's competitive consumer market and with regional distributors."
The CEP would come into effect late this year after domestic implementation procedures were done.
Last night the Wellington Regional Chamber of Commerce said the latest addition to New Zealand's suite of trade agreements would have special strategic significance as well as direct economic benefits.
"New Zealand is the first country outside China, to sign such an agreement with Hong Kong. It will expand our FTA footprint into greater China," said Chamber chief executive Charles Finny, speaking from the signing ceremony in Hong Kong.
"This agreement -- New Zealand's eighth -- paves the way for improved links between New Zealand and Asia.
"The signing comes just days after official statistics show that China has overtaken the US as our second largest market."
Mr Finney said it was important that businesses took advantage of the trade agreement, and he congratulated Mr Groser and his officials, including chief negotiator Julian Ludbrook, for their success in negotiating it.
