Australia and the U.S. recently concluded a free trade agreement, after compromising on controversial issues such as farm subsidies.
For its part, Australia agreed to remove its 5 percent tariffs on manufactured goods, which the U.S. Chamber of Commerce predicts may increase U.S. exports by $1.8 billion annually.
Meanwhile, Australian exports of manufactured goods to the U.S. are likely to see the most growth in sectors such as pharmaceuticals, light commercial vehicles, and auto parts.
Some restrictions on agricultural products and sugar were retained in the agreement.
