Chinese President Xi Jinping has already confirmed a meeting in Bali with United States President Joe Biden.

But the question remains as to whether Xi and Albanese will meet.

If it goes ahead, it will be the first time in six years leaders of Australia and China have had a formal meeting.

Trade Minister Senator Don Farrell said Australia had learnt from “bitter experience” for the need to diversify and while the relationship with China should continue, the nation needed to rely on it less.

“What that means is finding new markets for our goods, and ensuring that we don’t find ourselves in a situation where we were in a relationship with only one purchaser,” he told ABC radio on Monday.

Farrell said the prime minister remained “hopeful” of securing a face-to-face meeting with Xi, and said Beijing would need to lift the trade sanctions imposed for the relationship between the two countries to normalise.

On Australia’s challenge of those bans at the World Trade Organisation, Farrell said the government would tell the Chinese that Canberra would prefer to settle trade disputes through discussion, rather than arbitration.

On Sunday, the final day of the Cambodian summit, the prime minister had a 40-minute catch-up with Mr Biden.

The pair discussed security deals, the climate and engagement with the Pacific.

But Albanese would not reveal if the president gave him any clues about what he will discuss with Xi.

“President Biden can speak for himself and I’ll speak for myself on the terms in which Australia engages,” he told reporters in Phnom Penh

“(Australia) will engage constructively in dialogue with the countries that wish to engage with us.

“I’ve said that we should co-operate with China where we can and that’s what we’re doing.”

Indonesian President Joko Widodo has invited Albanese to give a key note speech at the B20 meeting which brings together business and political leaders from the world’s strongest economies.

Global recovery from the pandemic and taming inflation impacting economies will be key themes of his speech.

Albanese will make a pitch to world leaders to work together in all nations’ interests by reducing tariff obstructions and increasing trade agreements.

“We can achieve far more together than we ever will alone,” he will say.

“Recovering stronger depends on recovering together.”

Tackling climate change will also feature heavily during the summit.

The prime minister will urge governments and businesses to invest in clean energy sources and spruik Australia’s role in the global transition to renewables.

“We know Australia can be a renewable energy superpower and we are working to grow our clean energy export industry,” he will say.

“We are committed to co-operating with other nations to help reduce their emissions, grow their economies and improve living standards.”

Leaders will also discuss global food insecurity, worsened by Russia’s invasion of Ukraine, as well as the global response to pandemics.