Australia and other G20 nations are expected to strike a deal on sharing information about the coronavirus, as a senior minister described it as an "incredibly grave international challenge".
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Prime Minister Scott Morrison will join US President Donald Trump and other members of the G20 through a video link-up at 11pm AEDT.
The virtual summit was called by Saudi Arabia, which is chairing the forum this year.
"The spread of the coronavirus is accelerating in large parts of world - in many parts of the world much faster and stronger than in Australia," Finance Minister Mathias Cormann told reporters in Canberra on Thursday.
The meeting will be complicated by an oil price war between two members, Saudi Arabia and Russia, and rising tensions between two others, the United States and China, over the origin of the virus.
Even so, Senator Cormann said the G20 is a great forum to swap experiences on what works or doesn't work when tackling COVID-19.
"We may be able to learn from each other," he said.
The leaders are expected to agree on a new mechanism to swap information on the coronavirus and issue a statement pledging greater cooperation.
Fast-tracking a coronavirus vaccine and ensuring global supply chains are open will also be key issues on the agenda, Trade Minister Simon Birmingham says.
"We seek to work with as many nations in the world to fight the race against time for a vaccine," he told ABC radio.
"To make sure we share and cooperate around knowledge as to what is working in terms of the scaling up of ability of testing regimes, of other support to control and limit the spread of COVID-19."
At the same time there are a range of logistical challenges to keep supply chains open given the collapse of global aviation, Senator Birmingham said.
Asked if there is a temptation to start reinstating trade barriers among countries, he said: "We're seeing elements of that."
"Australia as a trading nation needs at the end of this to see that we can get back on with supplying our quality goods and services right around the world."
Treasurer Josh Frydenberg took part in a conference call with his G20 finance minister counterparts earlier this week.
He said about 80 countries had asked for financial support from the International Monetary Fund as the impact of the pandemic on developing countries becomes acute.
"The expectation is that global growth will be negative this year," he said after the meeting.
"All governments agreed that coordinated global fiscal action is required, including providing increased liquidity to financial markets and sharing experiences in domestic markets."
Australian Associated Press
