A similar pact with Australia was also signed in 2007, but both have languished in the Senate, which must approve them before they go into effect.
Marion Blakey, president and chief executive of the Aerospace Industries Association, said she was hopeful the agreements could win approval before the Senate adjourns in December.
"We're very hopeful. The remaining questions about how those treaties would be implemented have been worked through," she said.
Blakey said the treaties could require some implementing legislation, but it was possible that work on the measures could be completed this year.
The defence trade agreement meshes with the Obama administration's push to liberalize export controls, as it seeks to increase U.S. exports.
Blakey welcomed the administration's efforts, saying reforms could "make a world of difference" for U.S. companies trying to compete in the global market.
(Reporting by Andrea Shalal-Esa and John Crawley; editing by John Wallace)
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