KUALA LUMPUR, Malaysia, May 22 (AP/UNB) - Australia and Malaysia have signed a free trade agreement that includes opening the services sector when it comes into force next year.

Officials say the pact, concluded after 11 rounds of talks, will allow duty free entry for all Malaysian goods into Australia and nearly 98 percent of Australian exports to Malaysia from January.

Australia's Trade Minister Craig Emerson says it will allow Australian companies to have 100 percent ownership of Malaysian telecommunication and higher education companies and up to 70 percent stakes in insurance and investment banking companies.

He said Tuesday he hoped the pact would boost Australia's free trade talks with other Asian partners including China, South Korea and Japan.