India’s new Model Bilateral Investment Treaty (BIT) template had not been confirmed as Cabinet-approved as of October 7, 2026. Finance Minister Nirmala Sitharaman said on October 5 that approval was expected shortly and that India hoped to conclude at least three more investment treaties by December if negotiations went well. Those are expectations, not completed approvals or signed agreements.
What Sitharaman said about the template and December target
In a report published October 5, Moneycontrol quoted Sitharaman saying, “We have a new template that will be approved shortly.” She also said India should conclude BITs with “atleast 3 more countries” by December “if things go well.” The statement describes a conditional government target; it does not confirm that the Cabinet had approved the template or that three treaties had been concluded. Moneycontrol’s report said the government had worked on the proposed template for about a year and a half.
Sitharaman said the existing framework approved in 2016 “does not deliver much good for us.” That is her assessment of the framework, not an independently measured finding. She said the proposed text drew on elements in more recent agreements, naming Saudi Arabia, the United Arab Emirates and Oman. The revised template’s text was not available in the sources confirming her remarks, so its specific provisions cannot yet be compared with the 2016 model.
What a BIT and a model treaty do
A bilateral investment treaty sets terms for the treatment and protection of covered investments between two countries. A model BIT is a government’s standard negotiating text or baseline; it is not itself an agreement with any particular country. Cabinet approval of a model would be a domestic government decision, not the conclusion, signature or entry into force of each treaty negotiated from it.
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India’s official explanation of the 2016 Model BIT describes an approach intended to protect foreign investors while balancing government obligations. It lists an enterprise-based definition of investment; non-discriminatory treatment through due process; national treatment; protection against expropriation; and a requirement to pursue local remedies before international arbitration. It also describes monetary compensation as the tribunal’s remedy and exclusions involving government procurement, taxation, subsidies, compulsory licences and national security. These are features of the 2016 model as described by the government, not confirmed provisions of the proposed replacement.
Which countries are in talks?
Moneycontrol reported that negotiations continued while the new template awaited Cabinet consideration. It said India had begun talks with Canada using elements likely to be approved and that a Canada agreement could be concluded by December or early 2027, depending on progress. Russia was also named among ongoing negotiations. The report did not provide a complete list of negotiating countries or identify which countries account for the target of at least three additional treaties.
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An earlier Indian Express report, published September 25, attributed to a senior government official an account that the Finance Ministry had completed its review and sent the model to the Cabinet Secretariat. It projected four to five deals, including Canada. That earlier projection is separate from Sitharaman’s later conditional target of at least three; the figures should not be treated as one confirmed commitment. The Indian Express report likewise does not establish that those deals were signed.
How to read treaty milestones
Statements about talks or expected conclusions do not mean a treaty has been signed or entered into force. The official status record for the India-Israel Bilateral Investment Agreement (BIA) illustrates the distinction: the Department of Economic Affairs lists it as signed on September 8, 2025, and in force from July 4, 2026. A Press Information Bureau release also confirms the July 4, 2026 entry-into-force date. The department’s BIPA treaty register records treaty status; the label used for a specific agreement can vary, so official sources may call one a BIA or a Bilateral Investment Promotion and Protection Agreement (BIPA).
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- Negotiation: Governments are discussing terms; no final agreement is established.
- Conclusion: Negotiators have reached an agreed text, but this alone does not establish signature or entry into force.
- Signature: The parties have signed the agreement; it may still require further domestic steps.
- Entry into force: The treaty has become legally operative under its terms.
What remains unconfirmed
As of October 7, 2026, the available reporting and official records did not confirm a Cabinet decision on the revised model or provide its text. They also do not establish that India had concluded or signed three additional treaties by December. The December figure remains a conditional target, and the reported Canada timeline depends on the progress of negotiations.
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