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Significance of the Indian Ocean Region for Australia By Arundathie Abeysinghe   At present, oceans play a significant role in trade as well as commerce. The Indian Ocean is the world’s third largest body of water with approximately 50% of trade traversing the Indian Ocean Region (IOR). Approximately, 50% of the world’s container traffic passes through the IOR, two thirds of the world’s maritime oil shipment, approximately one-third of bulk cargo transport and about 30% of world trade is also handled in the ports of this region. IOR comprises 38 littoral states, 24 ocean territories and 17 landlocked countries, including the hinterland and landlocked states of East Africa that utilize the Indian Ocean for trading and commercial purposes.  The Indian Ocean is a vital conduit for global trade as well as it is home to many fast developing economies of the world. The Indian Ocean has strategic, political and economic ...