Billions of dollars worth of trade will be on the agenda for US Vice President Joe Biden and Prime Minister Malcolm Turnbull when they meet in Sydney for talks on Tuesday.
The US is the biggest investor in Australia, accounting for about $760 billion or more than a quarter of the total amount of foreign investment made here.
It is also Australia's third-largest two-way trading partner in goods and services
Both Mr Turnbull and US President Barak Obama have expressed hope that the controversial Trans Pacific Partnership trade deal, signed in February by 12 countries including Australia, Japan and the US, will be ratified despite opposition from presidential hopefuls Hilary Clinton and Donald Trump.
Speaking to business leaders in Sydney on Tuesday, Mr Biden said while it would be difficult to get Congress to ratify the TPP, he was hopeful it would pass during the so-called "lame duck" period between November's presidential election and the winner's inauguration in January.
Mr Biden arrived in Sydney on Monday for a three-day stay after visiting Melbourne.
His first official Sydney engagement was with business leaders at the Opera House.
He is due to make a joint statement alongside Mr Turnbull after their bilateral talks wrap up on Tuesday afternoon.
During his stay he will also meet Opposition Leader Bill Shorten, tour a $1.5 billion Landing Helicopter Dock (LHD) Navy warship, and dine with Governor-General Sir Peter Cosgrove.
Mr Biden's trip wraps up on Wednesday with a major policy speech at Paddington Town Hall. He then flies on to New Zealand.
