India and Oman will sign a trade deal in the coming months, two Indian government officials said, as New Delhi seeks to expand its ties in the Middle East, where rising tensions are putting major shipping routes at risk.
“It will help India with a strategic partner and access to key trade routes in a volatile region,” one official told Reuters.
India and Oman have annual trade of less than $13 billion, but the relationship is important for New Delhi as the Gulf nation is a gateway to the narrow Strait of Hormuz between Oman and Iran, a major transit point for global oil shipments.
Israeli airstrikes in Gaza have escalated tensions with Iran. Meanwhile, Yemen’s Houthi rebels launched attacks in the Red Sea, expressing support for Palestinians.
Officials stated the trade deal hinges on the approval of the winning government in India’s ongoing national elections. Election results are slated for announcement on June 4.
Prime Minister Narendra Modi is widely expected to win a rare third term.
Officials, preferring anonymity, cited the confidentiality of private discussions. Requests for comments from India and Oman’s ministries and embassies remained unanswered.
The India Oman trade deal holds significant potential for boosting trade volumes and stimulating economic activity. Furthermore, it underscores the importance of regional cooperation and partnership in fostering sustainable development.
Additionally, the deal may pave the way for deeper integration between India and Oman, opening up new avenues for collaboration in various fields. India’s efforts in enhancing relations with Oman and other Middle Eastern nations signal a promising future. Additionally, the trade deal solidifies India’s dedication to regional expansion.
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