By Dominic Giannini in Canberra

Leaders from the world’s largest economies are preparing to meet as the international community works to shore up trade relationships ahead of a Trump presidency. 

US president-elect Donald Trump has flagged tariffs on American imports between 10-20 per cent and higher for Chinese goods.

Prime Minister Anthony Albanese is in Peru alongside Agriculture Minister Julie Collins for the annual Asia-Pacific Economic Cooperation (APEC) leaders summit.

Host Peru is working on achieving consensus declarations within the non-binding economic forum, with its ambassador to Australia saying officials were focused on talks with the current American administration.

“At this moment the president is Joe Biden, it’s up to them to talk among the leaders (instead of) speculating,” Vitaliano Gallardo told AAP when asked about preparations for flagged Trump tariffs.

Mr Gallardo said he hoped there would also be consensus on a revitalised blueprint for the Asia free trade area.

Peru is set to sign an updated trade agreement with China with President Xi Jinping in the country for APEC.

It’s finalising negotiations for a trade agreement with Hong Kong and is working to bolster its economic relationship with Indonesia, Mr Gallardo said.

Mr Albanese flagged talks about World Trade Organisation reform, “making sure that free and fair trade benefits the people of our region”.

“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 (AEDT).

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.