The election of Donald Trump has sent reverberations around diplomatic circles with concerns his protectionist, America-first trade policies and import tariffs could skim tens of billions of dollars off the Australian economy.
Australia will promote stronger trade ties and work with international partners on economic growth, the prime minister said ahead of travelling to the Asia-Pacific Economic Cooperation (APEC) conference on Wednesday.
"We are working at home and with international partners to put downward pressure on inflation and help safeguard Australia's economy against global challenges," he said in a statement.
Australia will promote stronger international trade relations at a global economic summit in Peru. (James Gourley/AAP PHOTOS)
Mr Albanese said he remained optimistic about the trading relationship under a Trump presidency, revealing he and the president-elect discussed trade in their first phone call.
"I pointed out the United States has a trade surplus with Australia so it's in the United States' interest that they trade fairly with Australia," he told ABC Radio Sydney on Wednesday.
"The United States is a major investor here in Australia (and) that investment creates economic activity and creates jobs."
Mr Trump's election comes as APEC leaders from 21 major economies meet to boost trading relationships in the region and promote economic growth.
The forum is set to include US President Joe Biden and Chinese President Xi Jinping.
The prime minister wouldn't say whether he planned to meet with the Chinese leader on the sidelines but noted China is Australia's largest trading partner.
"The strategic competition that exists between the United States and China is something that we're dealing with as well," Mr Albanese said.
"We can play a role as a middle power. Essentially, Australia - we're trusted - our word matters."
Peru is searching for more consensus amongst leaders within the non-binding forum after an agreement on green energy, economic inclusion of persons with disabilities and reducing food wastage.
Mr Xi is expected to inaugurate a major Chinese-built port and sign an updated free trade agreement with host nation Peru that could boost commerce by as much as 50 per cent, Reuters reports.
Peru is also finalising a trade pact with Hong Kong and negotiating with Thailand and Indonesia.
China has large holdings in major Peruvian mining projects, which Lima wants to diversify by attracting Australian investment with a Peruvian delegation led by the prime minister soliciting interest at a mining conference in Sydney.
Peru's Energy Minister Romulo Mucho wants Australian investment in the country's mining industry. (Bianca De Marchi/AAP PHOTOS)
Peru had to be wary of being over-reliant on China, which has $US25 billion ($A38 billion) invested in the South American country's mining and critical minerals sector, Energy Minister Romulo Mucho told AAP.
More than 15,000 police and soldiers have been deployed across the Peruvian capital Lima, schools have been shut down and public servants have been told to work remotely as the leaders arrive.
A ministerial meeting will take place on Thursday before leaders meet on Friday and Saturday.
Mr Albanese will travel from APEC to the G20 summit in Brazil where he will discuss Australia being a "major power" in food security due to its agriculture sector as well as a vital supplier of energy.
