How important was the indian ocean to world trade, History

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Hi. The question comes straight out of my text ;however, if anyone knows world history very well and can just give me a general answer that would work as well. I am trying to answer these questions: "How important was the Indian Ocean to world trade? What parts of the world dominated trade there? Why did Europeans want to gain access to the Indian Ocean trade? Why couldn't they (at least until 1498)?"

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