A one-on-one meeting with Chinese President Xi Jinping remains on the cards on the sidelines of the G20 summit, Prime Minister Anthony Albanese says.

As Mr Albanese prepared to fly out later on Friday to meet key world leaders at a series of summits, he said the meetings came at a difficult time for the global economy.

While a meeting with his Chinese counterpart was a possibility after years of diplomatic tensions between the two nations, Mr Albanese did not confirm whether one would go ahead. And he said there was a major condition before it did.

“We’ll wait and see. I, of course, will be at the same summit as him at the G20 being held in Indonesia,” he told Sydney radio 2GB on Friday.

“It’s an important summit that comes at a really difficult time for the global community, we know that the economy is facing headwinds, we see global inflation rising as a result of Russia’s illegal invasion.”

If Mr Albanese did meet Mr Xi, it would be the first face-to-face between an Australian PM and the Chinese leader since Malcolm Turnbull met him in 2016..

But Mr Albanese said Australia would expect a major change from China to reset ties after more than two years of crippling trade sanctions.

“Firstly to lift its economic sanctions, they total some $20 billion,” he told ABC Radio on Friday morning.

China imposed multiple trade sanctions on Australia during a diplomatic deep freeze, including on goods such as barley, coal and wine.

“They’re not in Australia’s interests, of the wine industry, the meat industry and other industries where sanctions have been placed on, but it’s also not in the interest of China,” Mr Albanese said.

“This is a counterproductive measure because the products that Australia sells to China are the best-quality products, in my view, in the world. And it makes sense to actually normalise the relationships. We want to see a stabilisation in the relationship.”

Mr Albanese heads to Cambodia on Friday for the East Asia summit, the first of multiple strategic leaders meetings in the next nine days.

In Phnom Penh, Mr Albanese is expected to catch up with his Cambodian counterpart Prime Minister Hun Sen and attend the ASEAN-Australia summit.

The summit comes as Cambodia and Australia mark the 70th anniversary of their diplomatic relationship.

Jobs, economic growth and regional resilience are expected to be high on the agenda.

Next week, Mr Albanese will join leaders from the world’s top economies at the G20 summit in Bali.

It will be the second time he has travelled to Indonesia since Labor won the federal election in May.

Mr Albanese said security in the broader region would also feature at the summit.

“We have the strategic competition that’s occurring in the region and a rising tension in some areas of the Indo-Pacific,” he said.

“That’s a difficult backdrop, but I look forward to engaging constructively at the G20, as well as with our neighbours of the East Asia Summit and the APEC meeting.”

Indonesian President Joko Widodo has invited Mr Albanese and Indian Prime Minister Narendra Modi to deliver a keynote address at the Business 20 Summit.

Food security, energy and global health will be topics of discussion at the G20.

But the fallout from Russia’s invasion of Ukraine and the state of the global economy is also set to be a major talking point.

While Russian President Vladimir Putin will not attend, Ukrainian President Volodymyr Zelensky is expected to take part virtually.

Overnight, the US confirmed President Joe Biden would meet Mr Xi on Monday in Bali. It will be their first face-to-face meeting since Mr Biden became president in January 2021.

The summits will be an opportunity for leaders to discuss the economic instability faced across the globe in the wake of the pandemic.

– with AAP