Anthony Albanese says Australia is back around the table engaging with historic allies and punching above its weight in the region.
With regional trade and co-operation at the heart of the APEC summit, hosted by Thailand, the prime minister is focused on the removal of $20 billion of Chinese sanctions on Australian products.
The APEC forum brings together leaders from 21 member economies with interests in the Asia-Pacific region.
Members include the United States, Canada and China but leaders of France, Saudi Arabia and Cambodia have been invited as guests to the talks.
Mr Albanese said it was clear Australia was regaining prominence on the world stage.
"We punch above our weight in international forums, when we are mature, when we're sensible and when we engage in diplomacy," he told reporters in Bangkok on Friday.
The prime minister credited his "extraordinary" Foreign Minister Penny Wong who had worked on Australia's diplomatic relations since Labor won the election in May.
"The entry fee for credibility in international forums is action on climate change," he said.
"Australia can punch above our weight, but in order to do so we've actually got to have credibility."
Having attended the G20 summit in Bali and ASEAN-related meetings in Cambodia, Mr Albanese said APEC was an important opportunity to promote Australian business, economic activity and investment in the region.
But economic uncertainty, rising inflation and pressure on energy prices are also featuring in the talks.
"The 21 economies who will gather here over the next two days will have important discussion and dialogue about how we overcome these challenges through increased cooperation," Mr Albanese said.
But it's also a chance to work on face-to-face relations and Mr Albanese will take part in a number of bilateral meetings with his world leader colleagues.
He will meet US Vice-President Kamala Harris as well as Philippines President Bongbong Marcos.
These follow formal talks at the G20 with US President Joe Biden, United Kingdom Prime Minister Rishi Sunak, French President Emmanuel Macron, Indian Prime Minister Narendra Modi and others.
Mr Albanese secured a 32-minute meeting with Chinese President Xi Jinping on the summit sidelines, the first time in six years leaders of Australia and China have met formally.
However, he is tempering expectations on the removal of Chinese trade sanctions, saying it would take time to achieve.
Former Liberal foreign minister Julie Bishop said securing a meeting with the Chinese president was "significant".
"The fact that the meeting was held at all is a breakthrough, but now of course we will see whether anything changes," she told the ABC.
"We have been in the diplomatic deep freeze with China for some six years and so the thawing of the relationship is good news, particularly for Australian exporters."
