US Secretary of State Marco Rubio met External Affairs Minister S. Jaishankar in Mumbai on 20 October 2026 and said the two sides were 'about as close as you can be without having executed the agreement' on a bilateral trade deal, with only a few items left to settle. The two also held a US-India-UAE trilateral with UAE Deputy Prime Minister and Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan covering regional energy security, trade, technology and connectivity. Rubio visited Jamnagar, Gujarat, on 21 October. A February 2026 framework had already cut the US tariff on most Indian goods from 50% to 18%.
GK ByteUS Secretary of State Marco Rubio met EAM S. Jaishankar in Mumbai on 20 October 2026 and said a bilateral trade agreement was nearly finalA US-India-UAE trilateral was held with UAE Deputy PM and Foreign Minister Sheikh Abdullah bin Zayed Al NahyanThe February 2026 India-US framework cut the US tariff on most Indian goods from 50% to 18%Rubio travelled to Jamnagar, Gujarat, on 21 October 2026; India is seeking a final tariff rate comparable with competitors such as Vietnam
34 commercial agreements and MoUs worth nearly CAD 300 million (about Rs 1,800 crore) were signed at the Canada-India Business Ceremony during the Team Canada Trade Mission, led by Canada's International Trade Minister Maninder Sidhu. Nearly 300 Canadian delegates visited Mumbai and Bengaluru in Canada's largest trade mission to India in 30 years, spanning aerospace, clean energy, ICT, life sciences, agri-food and AI. Both sides aim to conclude the Comprehensive Economic Partnership Agreement (CEPA) by end-December 2026. The fifth negotiating round was held at Ottawa from 5-9 October 2026, with the next due at New Delhi in early November.
GK Byte34 commercial agreements and MoUs worth nearly CAD 300 million (about Rs 1,800 crore) were signed during the Team Canada Trade Mission to IndiaThe mission was led by Canada's Minister of International Trade Maninder Sidhu and brought nearly 300 delegates to Mumbai and Bengaluru - Canada's largest trade mission to India in 30 yearsIndia and Canada aim to conclude their Comprehensive Economic Partnership Agreement (CEPA) by the end of December 2026The fifth round of CEPA negotiations was held at Ottawa from 5-9 October 2026; the next round is due at New Delhi in early November 2026
India has approved the rollover of a Rs 30 billion (about USD 319 million) currency swap facility for the Maldives, announced by the High Commission of India in Male on 16 October 2026. The facility is extended by the Reserve Bank of India under the Framework on Currency Swap Arrangements for SAARC Countries. It originates in President Mohamed Muizzu's October 2024 state visit, when New Delhi committed USD 400 million plus Rs 30 billion; the dollar leg has since been repaid, as was a separate USD 150 million loan in September 2026. The Maldives Monetary Authority took its first drawdown on 23 April 2026.
GK ByteIndia approved the rollover of a Rs 30 billion (about USD 319 million) currency swap facility for the Maldives; announced 16 October 2026Extended by the RBI under the Framework on Currency Swap Arrangements for SAARC Countries, usually for about three-month tenuresThe facility stems from President Mohamed Muizzu's October 2024 state visit, when India committed USD 400 million and Rs 30 billion; the USD leg has been repaidThe Maldives Monetary Authority took its first drawdown on 23 April 2026; Maldives state reserves stood at USD 547 million at end-September 2026
The Central Government approved India's accession to the Southern Indian Ocean Fisheries Agreement (SIOFA) on 14 October 2026, a step steered by the Ministry of Fisheries, Animal Husbandry and Dairying. SIOFA, signed at Rome on 7 July 2006 and in force since June 2012, manages non-highly-migratory fishery resources on the high seas of the southern Indian Ocean, covering fish, molluscs, crustaceans and sedentary species. India had been a Cooperating Non-Contracting Party since 2022, with no say in decisions. Full membership lets Indian-flagged vessels target squid, toothfish and alfonsino, join the Scientific and Compliance Committees, and take part in the High Seas Boarding and Inspection Scheme.
GK ByteGovernment approved India's accession to SIOFA on 14 October 2026; nodal ministry is Fisheries, Animal Husbandry and DairyingSIOFA was signed at Rome on 7 July 2006 and entered into force in June 2012; its ten contracting parties include Australia, China, Japan, South Korea and SpainIt covers fish, molluscs, crustaceans and sedentary species in the southern Indian Ocean high seas, excluding highly migratory speciesIndia was a Cooperating Non-Contracting Party from 2022; accession opens squid, toothfish and alfonsino stocks, the Scientific and Compliance Committees and the HSBI Scheme
The Department of Commerce has set up an FTA Utilisation Cell to help Indian businesses actually use the tariff concessions in India's free trade agreements. Commerce Secretary Rajesh Agarwal announced it at the 2nd India-EFTA Prosperity Summit in New Delhi. The cell will work with Export Promotion Councils, industry associations and state governments, and draw up market-specific action plans spanning four to five years. India has concluded trade agreements with EFTA, the UAE, Australia, Mauritius, Oman, New Zealand, the UK and the EU, giving preferential access to about 32 countries — a footprint whose low utilisation rate the cell is meant to fix.
GK ByteThe Department of Commerce has set up an FTA Utilisation Cell to raise the use of India's free trade agreement benefitsIt was announced by Commerce Secretary Rajesh Agarwal at the 2nd India-EFTA Prosperity Summit in New DelhiThe cell will work with Export Promotion Councils, industry associations and state governments on market-specific action plans for 4-5 yearsIndia's concluded trade pacts with EFTA, UAE, Australia, Mauritius, Oman, New Zealand, UK and EU cover about 32 countries
Gerard Mestrallet, the French President's Special Envoy for the India-Middle East-Europe Economic Corridor (IMEC), said on 6 October 2026 that Egypt, Lebanon, Oman, Greece and Cyprus have formally expressed interest in joining the corridor, with Greece and Cyprus seeking full membership. Any expansion needs the unanimous approval of the eight original signatories — India, the United States, Saudi Arabia, the UAE, France, Germany, Italy and the European Union — and a ministerial-level meeting is expected later in 2026. Announced at the September 2023 G20 Summit under India's presidency, IMEC has an eastern corridor (India to the Arabian Gulf) and a northern corridor (Gulf to Europe).
GK ByteEgypt, Lebanon, Oman, Greece and Cyprus formally expressed interest in joining IMEC; Greece and Cyprus want full membershipAnnounced by French Special Envoy for IMEC Gerard Mestrallet on 6 October 2026 after a 5-7 October India visitExpansion requires unanimous approval of the eight original signatories: India, US, Saudi Arabia, UAE, France, Germany, Italy and the EUIMEC was announced at the September 2023 G20 Summit in New Delhi; it has an eastern corridor (India-Gulf) and a northern corridor (Gulf-Europe)
Adani Power and Bhutan's state utility Druk Green Power Corporation (DGPC) signed an agreement on 6 October 2026 to build the 770 MW Chamkharchhu-I hydroelectric project in Zhemgang district, Bhutan, on a Build-Own-Operate-Transfer model with a 30-year concession, DGPC holding 51% equity and Adani Power 49%. Construction is to begin in the first half of 2027, with commissioning expected about six years after groundbreaking. It is the second project under the 5,000 MW hydropower MoU the two signed in May 2025, following the 570 MW Wangchhu project agreed in September 2025, and surplus generation will be exported to India.
GK Byte770 MW Chamkharchhu-I project in Zhemgang district, Bhutan; agreement signed 6 October 2026Partners: Adani Power (49%) and Druk Green Power Corporation (51%) on a BOOT model with a 30-year concessionSecond project under the May 2025 Adani-DGPC MoU for 5,000 MW, after the 570 MW Wangchhu project of September 2025Construction from the first half of 2027; commissioning about six years after groundbreaking