India and Oman are on the verge of signing a trade agreement that will boost trade between the two countries and strengthen their ties in a region grappling with rising tensions.
Benefits of this agreement:
- Increased trade: India will benefit from the elimination of tariffs on its exports to Oman worth $3 billion annually. Oman will also gain from reduced tariffs on some of its products in the Indian market.
- Strengthened ties: The agreement will reinforce the strategic partnership between India and Oman and give India access to key trade routes in the region.
- Diversification of economic relations: The deal is a step towards diversifying India’s economic ties with the Middle East.
But the challenge is the presence of growing tensions in the Persian Gulf region, which can negatively affect trade between the two countries.
Despite these challenges, the strong commitment of both countries to this agreement is expected to overcome these challenges. The India-Oman trade agreement is a positive development that will strengthen the economic and political relations between the two countries and will benefit stability and development in the Middle East region.
Source: India and Oman set to sign trade deal | Reuters
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