Oceania

Oceania has a diverse range of countries and territories, including Australia, New Zealand, and various island territories. With its abundant natural resources, Oceania is an important exporter of fuels, raw materials and agriculture products, such as minerals, timber, dairy and seafood. Australia and New Zealand, as the two largest economies in the region, collectively account for more than 1.7% of the global trade in terms of export volume. Their exports primarily consist of fuels and mining products, including commodities such as iron ore and coal. Additionally, these countries are significant exporters of agricultural products such as wheat and dairy products. Fiji is an important exporter of sugar, fish, and other agricultural products. Papua New Guinea is also a significant player, exporting natural resources such as liquefied natural gas, palm oil, gold, and copper. Other economies include islands such as Kiribati, Nauru, Samoa, Tuvalu and Vanuatu, which mainly export agricultural products, fish, and handicrafts. Economies within Oceania have established trade partnerships and agreements with countries and territories worldwide, fostering mutually beneficial relationships. For instance, Australia and New Zealand are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and of the Regional Comprehensive Economic Partnership (RCEP), promoting trade and investment across the Asia-Pacific region. Oceania also maintains close trade ties with major economies like China, the United States, and ASEAN members. There is also the Pacific Agreement on Closer Economic Relations (PACER Plus) and the Australia-New Zealand Closer Economic Relations Trade Agreement (ANZCERTA). These two agreements aim to reduce barriers to trade and increase economic integration within the region. Overall, international trade contributes significantly to the region’s economic growth and development.