Asia-Pacific leaders - including US President Joe Biden and Russian counterpart Vladimir Putin - will hold a virtual summit this weekend to discuss COVID-19 recovery.
New Zealand Prime Minister Jacinda Ardern will chair the meeting, given the country's role as APEC chair in 2021.
"This is the first time in APEC's history that leaders have held an additional meeting (which) reflects our desire to navigate together out of the COVID-19 pandemic and economic crisis," Ms Ardern said.
"APEC economies have suffered their biggest contraction since the Second World War over the past year, with 81 million jobs lost.
"Responding collectively is vital to accelerate the economic recovery for the region."
Ms Ardern said a majority of APEC leaders would attend the "informal leaders' retreat" on July 16.
APEC members include Australia and New Zealand, the US, China, Japan and Russia.
The membership accounts for about 2.9 billion people and is responsible for 60 per cent of global economic output.