Australia and Malaysia signed a free trade agreement on Tuesday that comes into force next year.
It took 11 rounds of talks but the two countries have agreed to end all tariffs on Malaysian exports to Australia and 98 per cent of goods sent the other way from January 1 2013.
Australian companies will be able to totally own Malaysian telecoms and higher education firms and 70 per cent stakes in insurance companies and investment banks.
In return, Malaysian companies will get access to Australia's private health-care industry.
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