The prime minister will attend the G20 Leaders' Summit in Brazil off the back of the Asia-Pacific Economic Cooperation (APEC) summit which has wrapped up in Peru.
Mr Albanese said he was looking forward to taking part in the G20.
"That will be about advancing Australia's economic interests, the creation of jobs, lifting of living standards and addressing what is a global inflation challenge," he said in Lima.
Mr Albanese said Australia is "well-positioned" with reduced inflation and that is why he will be promoting "free and fair trade" at the meeting.
While pushing Australia as a major power in food security and a reliable global supplier of energy, Mr Albanese says the implications of the US president-elect's victory forms a backdrop for both summits.
Mr Trump has suggested tariffs on imports between 10-20 per cent and up to 60 per cent on Chinese goods.
Anthony Albanese says Donald Trump's election win forms a backdrop for both APEC and G20. (AP PHOTO)
The prime minister has placed free trade at the forefront of his discussions, and despite vowing to try to secure exemptions from tariffs for Australian products, he will not fly to the US to meet with Mr Trump.Â
In a growing rift from the US on Israel, Australia backed a United Nations resolution recognising Palestinians sovereignty over resources in the occupied Palestinian territories.
UNSW Professor Peter Swan questioned the impact on the relationship with Washington, with Mr Albanese being "so out of step" with the US on resolving the conflict in the Middle East and energy and climate policies.
"We're further and further away from the US, just at the strategic time where when our ability to defend ourselves probably at the lowest point ever ... so we're choosing the worst possible time to be very offensive towards the US," he told AAP.
Prof Swan said the uncertainty created by Mr Trump was part of his bargaining strategy, to dangle bad outcomes in front of his opponents in a bid to get a better deal.
He said it was a "very bad move" from the prime minister to not seek out a meeting at the earliest opportunity after having criticised him.
Anthony Albanese has been called "out of step" with the US on resolving the Middle East conflict. (AP PHOTO)
Economics Professor Richard Holden said with the election of Mr Trump, the G20 would be a bit of a "fizzer" with current US President Joe Biden a "lame duck".
"These meetings are always a little bit of a talk fest but it seems likely to be even more so this time and there's important things there," he said.
"President-elect Trump's shadow will be cast over the whole thing."
