London: As a controversy over UK joining the Euro is still raging, leading non- resident Indian (NRI) industrialist Lord Swaraj Paul has said the European Union is good for British business in terms of prosperity, practice and principles.

"First, and most straightforwardly, the EU is good for the prosperity of British business as close to 60 per cent of UK exports currently go to countries in European Union," Lord Paul, UK Ambassador for Overseas Business, said addressing industrialists, executives and members of Harvard Business School Association of the Midlands in Birmingham.

He said, "This market is crucial for our international trade, much more so than that of the US, which accounts for only about 16 per cent of Britain's exports. In fact, our trade with just France and Germany accounts for nearly one quarter of our exports, more than the total exports to US." UK's exports to EU are worth 254 billion Pounds in revenue.

"Second, the EU is good for the practice of British business. Having common guidelines, such as free movement of goods and free movement of capital, common consumer health and protection measures, and common industrial policy, dramatically reduce barriers to trade between our businesses and those in Europe. Moreover, the EU provides a framework in which further barriers to trade are prevented," he said.

"Third and lastly, the EU is good for the principles of British business. Advancing our principles in areas such as European industrial policy and agricultural policy is greatly facilitated by the EU, since its trade and economic policy decisions hold for each of its 15 member states."

PTI