India Closes In On Oman Trade Deal As Mideast Ties Strengthen: Report

India and Oman have reached a consensus on a majority of issues in the comprehensive economic partnership agreement and talks are likely to conclude soon, sources said.

India and Oman are close to concluding talks on a trade deal that will allow easier access to goods and services into each other's markets, officials familiar with the matter said, further cementing the South Asian nation's presence in the Gulf region. 

The two sides have reached a consensus on a majority of the issues in the comprehensive economic partnership agreement and the talks are likely to conclude soon, the people said, asking not to be identified because the discussions are private. A deal could be finalized as early as March, one of the people said.

Although a small economy, Oman is crucial to India given its location in the region. Oman sits alongside the Strait of Hormuz, an important oil transit chokepoint through which most of Asia's crude oil moves. Oman also has the fifth-largest population of Indians working overseas.

New Delhi wants lower tariffs on exports to Oman ranging from rice and pharmaceuticals to petroleum and steel products, the people said. It's also negotiating with Oman to ease access for Indian professionals such as doctors, nurses, engineers, and other workers.