Philippines President Benigno Aquino will lead a Cabinet and business delegation to New Zealand next week to discuss a host of bilateral trade issues, New Zealand Prime Minister John Key announced Monday.

Aquino would be accompanied by Secretary of Foreign Affairs Albert del Rosario, other members of the Philippines Cabinet and a large trade delegation for the visit on October 22 and 23, Key said in a statement.

"I am delighted to welcome President Aquino on his first visit to New Zealand, particularly as our countries share so many interests, including as members of regional forums such as APEC ( Asia-Pacific Economic Cooperation) and the East Asia Summit," said Key.

The Philippines was an important market for New Zealand dairy exports and discussions were expected to include how the two countries could collaborate further in dairy development, as well as issues concerning the geothermal industry, tourism and aviation.

"The Philippines' economy is growing strongly, and President Aquino's administration is making progress to improve the business environment as well as peace and security," said Key.

"Our ASEAN-Australia-New Zealand Free Trade Agreement offers many opportunities for increasing two-way trade. This potential is reinforced by New Zealand's growing Filipino community."