PM Turnbull nabs farewell selfie with outgoing US President in Peru

Malcolm Turnbull has snagged the very last bilateral meeting with US President Barack Obama at APEC in Lima, Peru.

The schedule for the final day of the Asia Pacific Economic Cooperation leaders' summit was running significantly behind on Sunday (local time).

But the prime minister and outgoing president managed to squeeze in 50 minutes of face time, and just enough for a last-minute selfie.

Mr Obama reassured Mr Turnbull that the US-Australia alliance transcended "party politics".

"I indicated to him my confidence the US-Australian alliance will remain as robust as ever," he told reporters in Lima.

He noted the prime minister had reached out to President-elect Donald Trump and the transition team.

Mr Obama said he would do everything he could to ensure "a strong handoff" in the relationship with the Trump administration.

"It's not often that I have a meeting and have got nothing to disagree with," Mr Obama said, adding there was a strong alignment in both countries' interests.

Mr Turnbull said that it was a "great moment but a sad moment" to be meeting with Mr Obama for the last time.

"Thank you for the leadership you have shown in your country and the world over eight years," he said.

The pair discussed the fight against Islamic State extremists in the Middle East.

"Australia has been our most stalwart ally when it comes to troop deployments," Mr Obama said.

Strategic issues such as the South China Sea maritime dispute were also discussed.

The leaders both trumpeted the merits of free trade and the likely doomed Trans-Pacific Partnership pact.

Mr Turnbull also thanked Mr Obama for his cooperation on resettling refugees in limbo on Nauru and Manus Island in Papua New Guinea.

So far no numbers and timeframes have been set.