What is there to talk about? Pakistan will simply say no.
No longer the option, Pakistan doesn't have the international leverage to put pressure on India.
Most likely what India is looking for is for Pakistan to accept Indian occupied Kashmir as an internal part of India and in return they will respect the original water division as per the treaty.
If you look up the Indus water treaty it predicates Kashmir being a disputed territory legally and that premise builds up towards the terms of the treaty. Now India is looking to revoke that term.
If you look at the original dispute then Indian government outplayed Pakistan back then too, the same dynamics that happened in Kashmir happened in Hyderabad as well and we gave up on that claim focusing on Kashmir. India, like China, has an economy that looks for long term moves.
Why is India doing this? I think contrary to popular opinion India desires much more independence in the upcoming century, it does not want to be heavily reliant on the US as opposition to China, if you read the Ukraine-Russian conflict from their think tanks they're quite critical of the US and NATO strategy to support Ukraine (basically debt for defence). Doing this would ensure that they can negotiate with China and keep a tap on how much does the rest of the world i.e. west gets to play into the point of conflict.
Most likely this agreement will be kept under the wraps as this clause will be agreed to, if it happens, for, like I said, India can afford to play in the long run.
As far as the situation for us is concerned then we've actually run of out of time and moves. Our economy is in shambles.
This move helps all major parties, as long as China's investment is secure in Pakistan it would not come in conflict with India. That they can give as long as their interests are catered for. India is building a case to spring board for the tech incorporated world as an investment haven and the only thing that stops them is the danger of being involved in a military conflict with Pakistan or China. Getting the legal requirement from Pakistan allows India to put the legality for any action into Kashmir solely on Pakistan or China thus negating any international legal reprecussion such as sanctions. (This is a much more complicated point but I think the post is already quite long)