Palau is part of Micronesia located in the West Pacific Ocean. It shares its maritime boundaries with Indonesia, the Philippines, and the Federated States of Micronesia. Palau’s economy is mainly dependent on tourism. Palau’s main exports are fish and related products. Major export partners are Japan, the US and Mexico. Palau’s main imports are oil, fish, machinery and equipment. Japan, the US, Singapore and Republic of Korea are main import partners. It is a member of the Pacific Island Countries Trade Agreement (PICTA).