Federated States of Micronesia is an island nation in Micronesia located in the North Pacific Ocean. Economic activity consists of subsistence farming and fishing. Major exports are fish and related products largely destined to Thailand, Japan, China and Republic of Korea. Main imports are foodstuff, manufactured goods and machinery and equipment. The US, Republic of Korea, Japan and Australia are main import partners. It is a member of the Pacific Island Countries Trade Agreement (PICTA) and the South Pacific Regional Trade and Economic Cooperation Agreement (SPARTECA).