ISLAMABAD: Ambassador of European Union Jean Francois Cautain said on Sunday that the EU was more determined and united after UK’s exit. “The EU regrets that United Kingdom is leaving the European Union, but it is too early to say what economic fallout this will have both for the EU and the UK,” he said in an interview. “We are ready for the process that we now will have to follow. For the European Union, the first step will now be the adoption of guidelines for the negotiations by the European Council,” he said. “Brexit has made us, the community of 27, more determined and more united than before. The EU will aim to minimise the costs for the EU citizens, businesses and member states of the Brexit,” he said. “At the same time, we are looking ahead to see how the European project can be strengthened to meet future needs and better respond to the legitimate expectations of European citizens,” he said. To a question about the Rome Treaty, the ambassador said: “The Treaties of Rome were signed on 25 March 1957 by representatives of Belgium, France, Germany, Italy, Luxembourg and the Netherlands. In two separate agreements, they agreed to establish a European Economic Community aiming to remove barriers to trade, and to foster co-operation in the use of atomic energy.” “Economic integration, based on the removal of customs duties among member states and the promotion of free movement of goods, services, capital and people, proved such a success that more and more countries in Europe expressed their wish to join in the following years. Areas of co-operation broadened over time and this led to the creation of the European Union. The treaty on establishing the European Economic Community went through several updates and is now known as the Treaty on the functioning of the EU,” he added. “In 2017, as we celebrate 60 years of the treaties we can also say for the first time in ten years, that economic growth is back in each and every member state of the European Union. The euro – the common currency in 19 out of 28 EU countries – is used by 338.6 million people every day and is the second most favourite currency used in international transactions,” he said. The European Union has become the largest trade bloc in the world. The total exports of the EU27 are worth around €5.8 trillion. “This represents over one third of total global exports, more than two and a half times China’s exports, and over three times those of the USA. The EU is the top trading partner for 80 countries. Every additional €1 billion in exports supports 15,000 jobs across the EU,” he said. “Following the results of the British referendum that led to the UK leaving the EU, and the rise in popularity in Europe of political parties that are sceptical of the European project, it appears that a number people in Europe are questioning the European Union. It seems that they are not convinced that the EU has brought peace, greater prosperity and greater democracy. It is unfortunate and calls for bold actions from the EU and its member states to rebuild trust in the EU project,” the envoy said. About Pakistan, EU summit, the ambassador said EU summit would take place depending on the progress achieved in the relationship, not least in human rights and migration, including readmission, the EU and Pakistan were hoping that a third summit could take place soon. “According to estimates, 240 million people worldwide (as of 2013) use currencies pegged to the euro. The euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar,” he said. “Currencies are flexible. The rates fluctuate not only due to economies but also due to international political developments,” said ambassador when asked to comment on future of Euro. “The European Central Bank and the countries that are members of the EURO are working hard to ensure its stability. New initiatives to strengthen cooperation such as the banking union have already been implemented and more are sure to follow. So I am confident that the Euro will survive and prosper,” he said.