The prime minister stressed the importance of two-way trade between Australia and the United States during a keynote address on Friday.

"No nation grows rich by selling things to itself," Mr Morrison told the United States Study Centre in Sydney.

The event marked 15 years since Australia and the US signed a free trade agreement.

Mr Morrison said goods and services trade between the two nations had almost doubled since 2005, while total investment had almost tripled.

"The US has helped power the modern Australian economy," he said.

"The US is our largest foreign investor and has enabled Australian companies to access the capital and technology they need to grow.

"We've returned the favour, with the US being the biggest destination for Australian investment dollars."

Australia exports various products including beef and pharmaceuticals to the US and brings in vehicles, medical instruments and telecommunications equipment.

The prime minister acknowledged bilateral relations cut much deeper than trade, highlighting the two nations' defence and security ties.

"The US-Australia relationship has never been stronger and it's never been more important," Mr Morrison said.

He raised similar points in a meeting with Mr Trump at the White House last year.

"Australia looks to the US, sure, but we don't leave it to the US," Mr Morrison said on Friday.

"We do our share of heavy lifting in this partnership; we lead, we pull our weight."

Australian Associated Press