India nears trade accord with Oman amid growing mideast bonds

India and Oman are on the brink of finalizing negotiations for a trade facilitating deal aimed at smoother trade of goods and services between the two nations, according to officials familiar with the matter. This move further solidifies India's presence in the Gulf region.

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Sources indicate that both sides have made significant progress in discussions regarding the comprehensive economic partnership agreement, with consensus reached on the majority of the issues. The talks are expected to conclude imminently, with a potential finalization of the deal as early as March, as per insiders who preferred anonymity due to the confidential nature of the discussions. Despite Oman's relatively modest economy, its strategic location alongside the Strait of Hormuz, a critical oil transit chokepoint, renders it vital for India. Moreover, Oman boasts the fifthlargest population of Indian expatriates worldwide.