The world's largest economies are looking to shore up international trade and climate change action ahead of an expected shake-up under incoming US president Donald Trump.
Prime Minister Anthony Albanese has landed in Peru for the APEC summit alongside Agriculture Minister Julie Collins.
"This is about lifting Australia's living standards by ensuring that we can continue to export to our region and to the world," Mr Albanese told reporters after landing on Thursday.
"There'll be discussions about the World Trade Organisation as well and reform, making sure that free and fair trade benefits the people of our region and indeed the people of the globe."
View this post on Instagram A post shared by Anthony Albanese (@albomp)
Opposition Leader Peter Dutton also reinforced the importance of open trade.
"Australia is a significant participant in the APEC process. There'll be issues that are important there," he told reporters in Melbourne.
"Ultimately, what Australia should be doing is advancing our interests in the region. That includes more trade opportunities so that we can create jobs and we can grow the economy."
Action on climate change and a commitment to net-zero emissions were in the world's interest, Mr Albanese said, following concern Mr Trump could set back progress by pulling the US out of major environmental commitments.
While leaders meet in APEC on Friday and Saturday, counterparts and high-level representatives from across the globe are also meeting for a major environmental summit in Azerbaijan.
Discussions at COP29 include climate financing to help vulnerable nations adapt and respond to the impacts of climate change.
Climate Change Minister Chris Bowen has vowed to continue progressing action despite any change of administration in the US.