Australia, a nation comprises the world's smallest continent and many other islands between the Indian and the South Pacific Oceans, is officially known as the Commonwealth of Australia. Australia has a prosperous, strong and enviable economy with a per capita GDP, in terms of purchasing power parity, slightly higher than the four dominant West European economies. Australia is a member of the World Trade Organization and the Organization for Economic Co-operation and Development. The largest part of the country is desert or semi-arid. Australia is rich in natural resources and a major exporter of agricultural products, mainly wheat.