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- India will sign a trade deal with Oman to strengthen its ties with West Asia.
- India and Oman will sign a trade deal in the coming months. It will strengthen India’s ties with West Asian countries.
- India and Oman have annual trade of less than $13 billion.
- Oman is the gateway to the narrow Strait of Hormuz between Oman and Iran, which is a major transit point for global oil shipments.
- India is seeking bilateral deals with GCC member nations such as Oman and United Arab Emirates.
- Oman has agreed to eliminate duties on Indian export products, including agricultural products, gems and jewellery, leather, automobiles, etc.
- India has agreed to reduce duties on some petrochemicals, including aluminium and copper from Oman.
- The trade deal with Oman will give a competitive edge as GCC is negotiating trade agreements with Pakistan and China.
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