UK's exit from EU could cause severe regional and global damage: Nicolas Sarkozy

New Delhi, Apr 13 (KNN) The UK's exit from the European Union (EU) could cause severe regional and global damage. The so-called "Brexit" would disrupt established trading relationships and cause major challenges for both the UK and the rest of Europe. It was time for EU to relook at its policies and consolidate its outlook, said Nicolas Sarkozy, Former President of the French Republic.

Sarkozy said that the ‘Make in India’ campaign resonated well within France. However, he suggested that the campaign could be rephrased as ‘Make with India’ as it would help strengthen the existing partnership between India and France while paving the way for future collaborations.

Sarkozy was addressing at an interactive session on ‘France, Europe, India: Challenges and Opportunities’ organized by industry body FICCI jointly with the Indo-French Chamber of Commerce & Industry.

Speaking about the strategic relationship between Indian and France, Sarkozy said that India had been one of the stable alliances of France.

Sarkozy said that India and France had a FTA between them which was benefitting the two nations. However, he pointed out that there was a trade imbalance and this could be bridged by entering into new and meaningful partnerships which would translate the friendship between India and France into a more concrete relationship.  

Harshavardhan Neotia, President FICCI & Chairman, Ambuja Neotia Group, said, “We see future engagement between nations being dictated by two themes: economic prosperity and global peace and security.”

Neotia said that strategic trade agreements have assumed great significance in the wake of mega accords such as TPP and TTIP. During the recent visit of PM Modi to Brussels for the 13th India-EU Summit, both sides have agreed to re-engage in discussions with a view to considering how to further the EU-India Broad-based Trade and Investment Agreement (BTIA). India and France have to work together to bridge divergence of opinion on critical issues to find comfortable common ground. (KNN Bureau)