The name “Oceania” defines the location and characteristic of the continent where most of Oceania is under the Pacific, a vast body of water that is larger than all the Earth’s continental landmasses and islands combined. As a region made up of thousands of islands throughout the Central and South Pacific Ocean. It includes Australia (the smallest continent in terms of total land area), New Zealand, Papua New Guinea as well as other Pacific islands.
Oceania has a widely varied economy, with the large nations of Australia and New Zealand that possess modern economies and smaller island nations rely on agriculture, fishing and tourism. Australia is one of the nations of Oceania that has a well-developed economy, with a per capita GDP on par with the Western European economies. New Zealand is the other nation with diverse and modern economy in the region. This region consists of many trading relations due to the small amount of land and limited resources. Among the trading relations, Australia and New Zealand has a trading arrangements known as Closer Economic Relations. Australia and New Zealand, along with other countries, are members of Asia-Pacific Economic Cooperation (APEC) and the East Asia Summit (EAS).
The Economic circumstance in the region has indeed encouraged the island states to open themselves up to another, turning the diversity of their cultures, their land and seascapes into commodities as well as to attract tourists. In this light, we could see that Oceania is the region full of opportunities and resources that welcome everyone to invest and explore the vastness of possibilities!