The United States and India are set to announce a bilateral trade agreement by the end of November after Washington agrees to withdraw penalty tariffs, Deccan Chronicle reported on Sunday, citing sources involved in the negotiations.

India will open its market to duty-free imports of soyabean, corn, and certain dairy products, while the two sides are finalising reciprocal tariff rates on industrial and agricultural goods, the report stated. Advertisement

"The deal is expected to be announced before the end of November. The Russian oil issue is well-settled, and US President Donald Trump also has acknowledged it. So, the penalty tariffs will be withdrawn," officials privy to the negotiations told DC.

Earlier this week, Trump said the US was getting close to reaching a deal with India t

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