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The iostream library in C++ is essential for input and output operations, providing a standardized way to handle streams of data. It facilitates reading from and writing to various data sources, such as the console and files, through classes like istream and ostream. By using iostream, developers can leverage features like formatted input and output, enabling more efficient and manageable data handling in applications. Overall, it is a foundational component for effective user interaction and data processing in C++.

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