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Prime Minister Anthony Albanese has declared his support for free and fair trade on his arrival in Peru for an economic summit overshadowed by fears of a trade war if incoming US president Donald Trump launches a wave of tariffs.

Albanese said he would use his talks at the Asia Pacific Economic Cooperation (APEC) summit to make the case for trade, as he prepares for the two-day summit in Lima and possible one-on-one talks with other regional leaders.

Economists predict a blow to global growth if Trump acts on his vow to impose 60 per cent tariffs on products from China.

Chinese President Xi Jinping will meet his US counterpart, Joe Biden, in Peru on Saturday, on the sidelines of the APEC gathering, for their last formal bilateral meeting before Trump takes office on January 20.

Albanese will meet Indonesian President Prabowo Subianto on Thursday morning, local time, and is aiming to talk to Xi at the summit.

“This is about lifting Australia’s living standards by ensuring that we can continue to export to our region and the world,” Albanese said of the summit.

Asked if he wanted APEC leaders to issue a unified statement in response to the prospect of higher tariffs under a Trump administration, the prime minister said he would make the case for open trade.

“Australia will always support free and fair trade – we’re a trading nation,” he said.

“One in four of Australia’s jobs is trade-dependent, and that will be a focus with the meetings that we will have over coming days.”