"The election of Donald Trump has overshadowed everything," said Australian Institute of International Affairs chief executive Bryce Wakefield.
The annual Asia-Pacific Economic Cooperation (APEC) leaders summit gathers 21 of the world's largest economies with Prime Minister Anthony Albanese and Agriculture Minister Julie Collins representing Australia.
Mr Albanese met with Indonesian President Prabowo Subianto and Peruvian President Dina Boluarte on the sidelines of the summit in Lima as he attempted to promote and bolster Australia's trade interests ahead of Mr Trump's return.
Also in attendance is someone who would usually be one of the most important people on the world stage, but who Dr Wakefield says doesn't have much to offer now.
Joe Biden (left) has been called a "mega lame-duck president" as he attends the APEC summit in Peru. (AP PHOTO)
"(Joe Biden) is sort of a mega lame-duck president because not only is he going out of office, but the president following him, it's clear that his policies are going to be starkly different to Biden's," he said.
Mr Trump has flagged tariffs on imports to the US of between 10 and 20 per cent, and up to 60 per cent on Chinese goods.
That has led nations to pivot their trade priorities, including potential shifts towards China but also among the middle nations in the region.Â
"You can predict a lot more co-ordination between mid-sized economies as they attempt to diversify their relations away from the United States during such a fraught period," Dr Wakefield said.
Despite that, Australian trade might benefit should the incoming president scrap his predecessor's Inflation Reduction Act which encourages green energy investment in the US.
"A lot of that investment may now be redirected towards countries with resources that are crucial to the green economy, and Australia is one of those countries with important resources like lithium that are used in batteries."
Australia would be pushing to liberalise trade through measures such as digitising trade documents to increase efficiency, promoting its green agricultural products and building on trade co-operation, former trade minister and Australian APEC Study Centre director Craig Emerson said.
"We are great champions of free and open trade, and it gives Australia an opportunity to reaffirm that," he said.
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