Pence pushes for improved trade with Aust

US Vice President Mike Pence has begun quizzing Australian business chiefs on ways to improve trade between the two nations.

Mr Pence held talks with a select group of 10 businessmen and women, including Westfield boss Steven Lowy and the head of Macquarie Group Nicholas Moore.

Industry Minister Arthur Sinodinos, Trade Minister Steven Ciobo and Australia's Ambassador to the US Joe Hockey were also at the brainstorming session at Sydney's Intercontinental Hotel.

In his opening remarks to the meeting, Mr Pence said he and US President Donald Trump regarded the free trade agreement signed by Australia and the US in 2005 as an excellent model and a "win-win" for both countries who share a $US1.5 trillion relationship.

But he said he wanted to listen to the Australians to hear their ideas on what could be done to break down any remaining trade barriers to help make trade smoother between the two countries.

"The question before all of you is where are the opportunities and where are the barriers, in what ways could the United States work with the leadership here in Australia to create an even better environment for investment and trade...," Mr Pence said.

The meeting between Mr Pence and the Australian business leaders comes a few months after Mr Trump tore up the Trans Pacific Partnership (TPP), a massive regional trade deal backed by Australia and other regional neighbours.