Trade and the the potential impact of an upcoming Donald Trump presidency are dominating discussions at an economic forum of world leaders.
Prime Minister Anthony Albanese met with Indonesian President Prabowo Subianto and Peruvian President Dina Boluarte on the sidelines of the Asia-Pacific Economic Cooperation (APEC) leaders summit in Lima.
"My focus will be on promoting Australia's national interests, which are about free and fair trade," he told reporters on Friday (AEDT).
Mr Albanese said he had a good discussion with his Indonesian counterpart during their first meeting since the president's inauguration, discussing what a Trump presidency would mean for the world.
"Obviously, that's part of the backdrop of APEC and the G20 is what the impact of a change in US administration will have," he said.
Mr Trump has flagged tariffs on imports to the US of between 10-20 per cent and up to 60 per cent for Chinese goods.
Changes to American clean energy incentives that hamper investment would flow through the global economy, of which the US makes up one quarter, Mr Albanese said.
"We'll wait and see what the impact is, I don't want to pre-empt action for a government that isn't in place yet," he said, noting any change would not be instant.
But Australia was well positioned to take advantage of the global transition to renewable energy, he said, with vast reserves of critical minerals vital for the production of renewable technology such as batteries.
The prime minister also hosted a reception for 120 Australian business people, including from major mining and agriculture companies.
A ministerial meeting took place on Thursday while leaders are set to come together on Friday and Saturday local time.
Peru's foreign and trade ministers co-chaired the meeting that included representatives from the OECD, World Bank, Inter-American Development Bank, Food and Agriculture Organisation and World Trade Organisation.
While substantial challenges remained ahead, "we remain confident that APEC's focus on trade liberalisation and facilitation will lead to greater efficiency, competitiveness and growth", Peru's Trade Minister Desilu Leon said.
In Peru alongside Mr Albanese, Agriculture Minister Julie Collins said Australia was using the international stage to promote the benefits of free trade and underscore the importance of the World Trade Organisation in upholding a rules-based system.
Asked about the impact of American tariffs under a Trump administration, Ms Collins said Australia had been working to diversify trade, especially after a years-long trade war with China that created $20 billion of agriculture impediments.
"We're the most diversified we've ever been in the last 12 months," she said, adding the Australian government would have conversations with a future White House about any trade impositions.
The prime minister is also working on a sideline meeting with Chinese President Xi Jinping.
