In an address to the US Chamber of Commerce in Washington DC overnight, Mackenzie said BHP was one of the largest producers of steel making materials and the only company that produced oil, gas, coal and uranium, as well as the copper used in renewable energy systems.

He said that global trade remained below its 2007 peak and fell in absolute terms in the first half of 2015, resulting in lower projections for global growth.

But he said agreements like the controversial and secret Trans Pacific Partnership and country-by-country reform could create significant economic benefits.

“Open markets promote job creation, economic growth and innovation. All are jeopardised by the pressure placed on trade over the last decade when fears of competition, prompted by rapid growth in emerging economies, resulted in increased protectionism that was compounded by the financial crisis,” Mackenzie said.

“But we need not fear the trade that makes the development of China, India, and other emerging economies possible. Their continued growth will create jobs, raise productivity and lift living standards across the globe.

“The US could see significant benefits. If the remaining trade barriers to new markets were eliminated the economy would grow by hundreds of billions of dollars and 1.5 million jobs. And the world would see better productivity and more competition, supporting growth in developed nations as well as emerging economies looking to meet the Sustainable Development Goals.”

He said the TPP and Trans-Atlantic Trade and Investment Partnership would both be “strong steps forward”, although the content of the TPP has so far been kept secret, asides from various leaked drafts, which have caused concern in the community for numerous provisions, including clauses that increase corporate power over that of the state.

Australia is seeking to close a new free-trade agreement with China, however Labor and the unions are concerned about the impact of the agreement of jobs.

They have raised the spectre of cheap imported Chinese labour working on Chinese-owned Australian projects.

Mackenzie added that policy makers should also consider the measures their countries can take unilaterally to remove the barriers to trade, such as removing a 40-year-old ban on US oil exports.

However, the Obama Administration has said it does not support a move by the US House of Representatives to repeal the ban, originally enacted in the oil shocks of the 1970s to ensure the US economy has sufficient domestic oil supplies.