Today Prime Minister Anthony Albanese has met leaders from the world’s major economies at the G20 Leaders’ Summit in Brazil.

The G20 represents 85 per cent of global GDP. It is a critical forum for world leaders to discuss and work through the worldwide inflation surge and to work together on solutions.

G20 leaders met across two days and also discussed reforms to global governance, sustainable development and the clean energy transition.

The Hon’ble Prime Minister of India, Shri Narendra Modi, and the Prime Minister of Australia, the Hon Anthony Albanese MP, held the second Australia-India Annual Summit on the sidelines of the Group of 20 (G20) Summit in Rio de Janeiro on 19 November 2024.

ANTHONY ALBANESE, PRIME MINISTER: We know that part of the backdrop of this G20 meeting has been the impact of global inflation, the impact it's having on domestic audiences right around advanced economies in particular. It's a global challenge, and a global challenge requires global action. The inflation problem won't be solved by one nation alone, which is why we must work together. That's why having a seat at the G20 is really important. It represents some 85 per cent of global GDP and 80 per cent of the world's population.

XI JINPING, PRESIDENT OF THE PEOPLE’S REPUBLIC OF CHINA: It's a pleasure to meet you, Mr Prime Minister, in the beautiful city of Rio de Janeiro.

Last November, we had in-depth discussions on the strategic and overarching issues critical to the long-term development of our relations. And our discussions were very productive over the past year and more. We have maintained close communications at all levels, actively promoting the implementations of our common understandings, and made positive progress.

DAVID SPEERS, HOST: Prime Minister thanks for your time here in Peru.

PRIME MINISTER: Good to be here.

SPEERS: You came to this APEC Summit with a few important messages. Stick with free trade, continue taking action on climate change, and don’t retreat into isolation. How much of this message is aimed at the man who is not here, Donald Trump?

ANDREW CLENNELL, HOST: Prime Minister, thanks for joining us.

ANTHONY ALBANESE, PRIME MINISTER: Good to be here.

CLENNELL: How is this APEC meeting going in an environment where a lot of discussion with leaders is about a man not even here, Donald Trump?

ANTHONY ALBANESE, PRIME MINISTER: There's a great deal of consensus here at the APEC meeting from countries who are all committed to working together to address the global inflation challenge, to address supply chain security, food security, advancing renewable energy and dealing with the challenge, but also the opportunity of climate change.

Leaders have come together here with a consensus about dealing with global inflation in a way that protects people's living standards.

Prime Minister Anthony Albanese has joined with leaders from across the region in Lima, Peru for the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting.

APEC is the leading economic and trade forum for our Asia-Pacific region.

Keeping trade free, fair and open benefits all Australians. One in four Australian jobs are related to trade, and around 75 per cent of Australia's total trade is with APEC members.

ANTHONY ALBANESE, PRIME MINISTER: Well, it's great to be at APEC and join leaders for official APEC meetings today and again tomorrow. The global economy is facing a worldwide surge in inflation, but Australia has weathered the storm better than most of our peers. One of the things that stood out from the sessions that were held this morning was the consistency of what leaders of APEC had to say. They all spoke about the global inflation challenge, they spoke about the challenge but also the opportunity of dealing with climate change.

ANTHONY ALBANESE, PRIME MINISTER: Well, I'm very pleased to be here at APEC being hosted here in Lima, Peru, at the Economic Leaders' Meeting. And thank you all for joining me here. APEC comes at an important time for Australia and for the world. The world has been dealing with the global inflation challenge. Global challenges require global action. And that will be a focus of the APEC meeting over the next two days.