Here is our teaching from “Treatise on the Power and Primacy of the Pope”:
23] In all these passages Peter is the representative of the entire assembly of apostles [and does not speak for himself alone, but for all the apostles], as appears from the text itself. For Christ asks not Peter alone, but says: Whom do ye say that I am? And what is here said [to Peter alone] in the singular number: I will give unto thee the keys; and whatsoever thou shalt bind, etc., is elsewhere expressed [to their entire number], in the plural Matt. 18:18: Whatsoever ye shall bind, etc. And in John 20:23: Whosesoever sins ye remit, etc. These words testify that the keys are given alike to all the apostles and that all the apostles are alike sent forth [to preach].
24] In addition to this, it is necessary to acknowledge that the keys belong not to the person of one particular man, but to the Church, as many most clear and firm arguments testify. For Christ, speaking concerning the keys adds, Matt. 18:19: If two or three of you shall agree on earth, etc. Therefore he grants the keys principally and immediately to the Church, just as also for this reason the Church has principally the right of calling. [For just as the promise of the Gospel belongs certainly and immediately to the entire Church, so the keys belong immediately to the entire Church, because the keys are nothing else than the office whereby this promise is communicated to every one who desires it, just as it is actually manifest that the Church has the power to ordain ministers of the Church. And Christ speaks in these words: Whatsoever ye shall bind, etc., and indicates to whom He has given the keys, namely, to the Church: Where two or three are gathered together in My name. Likewise Christ gives supreme and final jurisdiction to the Church, when He says: Tell it unto the Church.]
Therefore it is necessary that in these passages Peter is the representative of the entire assembly of the apostles, and for this reason they do not accord to Peter any prerogative or superiority, or lordship [which he had, or was to have had, in preference to the other apostles].
25] However, as to the declaration: Upon this rock I will build My Church, certainly the Church has not been built upon the authority of man, but upon the ministry of the confession which Peter made, in which he proclaims that Jesus is the Christ, the Son of God. He accordingly addresses him as a minister: Upon this rock, i.e., upon this ministry. [Therefore he addresses him as a minister of this office in which this confession and doctrine is to be in operation and says: Upon this rock, i.e., this preaching and ministry.]
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bookofconcord.org/treatise.php