Washington: Describing India-US relations as "very important to the growth and success of the global economy," a senior US official has asked New Delhi to go in for further financial sector liberalisation.

Opening up further will make India better and bring benefit to Indian business and people, said David McCormick, Under Secretary of Treasury in charge of International Affairs, stressing the need to reduce barriers to investment.

He was speaking at a luncheon meeting of the United States India Business Council (USIBC) here Wednesday for a CEO delegation from India under the aegis of the Confederation of Indian Industry (CII) led by K V Kamath, CEO & Managing Director of ICICI Bank.

McCormick said that one response to the tough global economic situation is the pressure on turning inward or embracing globalisation and that the US has opted for the latter course. "We are in the embrace/stay open camp."

"India-United States relations is very important to the growth and success of the global economy," he said. "There are so many dimensions of the relationship that are so important... There is much to be optimistic about."

McCormick said the US "remains absolutely committed to a bilateral investment treaty with India and we appreciate the response of the Indian government".