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PNG is party to several international trade agreements. These include: the interim Economic Partnership Agreement (iEPA) between PNG and the EU; the Melanesian Spearhead Group Trade Agreement (MSGTA) (soon to be transformed into the Melanesian Free Trade Agreement (MFTA); the Pacific Islands Countries Trade Agreement (PICTA); among others. PNG is also a member of the World Trade Organization (WTO) and has a bilateral trade agreement with Australia (PACTRA). It is also in the process of negotiating new bilateral trade agreements with strategic partners, mostly within the Asia Pacific region.