New Delhi: India and the United States will discuss ways to hike foreign investment at the ongoing Cancun World Trade Organisation (WTO), meet even as Washington hopes New Delhi will be "ambitious" in opening up its own and world markets, Assistant Secretary of State for South Asian Affairs Christina Rocca said on September 11.

Noting the fact that US exports to India are expected to cross the $ four billion mark in 2003 for the first time since 1997, Rocca said there were still barriers to foreign investment in India that needed to be addressed.

"India is a critical player in these negotiations... The world needs India's creativity and wisdom. We hold great hope that the government of India will be as ambitious as the US in seeking to open its own and world markets," she said, addressing a meeting organised by the Confederation of Indian Industries (CII).

"You are all familiar with the impediments that continue to block greater foreign investment and challenge those who wish to penetrate the Indian market. They have been a subject of frequent discussion with Indian officials and are again at the Doha Round talks in Cancun."

On the issue of bilateral trade between the two countries, she said, "American exports to India have languished between $ 3.5 to four billion since 1997... However recent events suggest that this situation may be changing. US exports will likely top $ four billion this year."

PTI