Anthony Albanese is flying to Peru for a major economic and trading summit amid concerns a Trump presidency could impact Australia’s finances.

The Asia-Pacific Economic Co-operation (APEC) summit is a non-binding forum dedicated to expanding trade and increasing economic growth.

Australia is working to diversify into India and Southeast Asia and away from China after the bruising memory of a years-long trade war with Beijing that impacted tens of billions of dollars of Australian goods.

A ministerial meeting will take place on Thursday before leaders meet on Friday and Saturday.

US President-elect Donald Trump has flagged 10-20 per cent tariffs on imports coming into America, and up to 60 on goods from China, with one estimate finding the tariffs could shave tens of billions of dollars off Australia’s economy.

The prime minister defended the trading relationship with the United States ahead of the summit, saying it was in both countries’ national interest to keep exchanging goods.

“We had a terrific discussion last week … he described the relationship that we would have (as) ‘a perfect friendship’,” Mr Albanese said of his phone call to congratulate Mr Trump on his election.

“I’m very confident that the relationship between Australia and the United States will continue to be very strong.”

Energy Minister Chris Bowen said climate and energy were also key agenda items for the prime minister at APEC as boosting the use of solar and wind renewable technologies in Australia was in the nation’s best interests.

“We should act on climate change, we have a lot at stake,” he said.

“Australia is the developed country for which climate change would have the worst impacts and we are the country with the best renewable resources.”

Opposition foreign affairs spokesman Simon Birmingham said he expected Mr Trump’s election to be a significant factor in discussions at the summit with the Republican endorsing more protectionist policies.

Host nation Peru is championing more investment in its mining and critical minerals sector from Australian businesses as it works to diversify away from China.

Mr Albanese will travel from Peru to Brazil for the G20 summit, which consists of the world’s largest economies accounting for 85 per cent of global GDP and 75 per cent of international trade.

Dominic Giannini
(Australian Associated Press)