Australian High Commissioner Alexander Downer said the EU had to understand they have as much to lose as Britain does from botched Brexit talks.
Speaking to Matt Frei on LBC, the Australian diplomat said the whole world will be “setback” if the European bloc continues to play hardball in negotiations.
Mr Downer said global players were keenly watching the talks unfold, as he warned Brussels that if Britain is forced to walk away, repercussions would be felt around the world.
This comes as Conservative MPs have urged Theresa May not to give in to Michel Barnier during Brexit talks.
On the eve of the party conference, the British Prime Minister has been told to walk away from talks if the EU does not initiate trade talks before Christmas.
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According to the reports, the MPs say Britain has “nothing to fear” from a no-deal scenario and must not be “held to ransom” by the EU.
Matt Frei quizzed the Australian diplomat, who has been a strong advocate for a free trade deal between his country and the UK after Brexit.
Frei pointed out: “There are pretty high stakes for the EU. We were the second biggest economy, the second biggest contributor to the EU budget.
“We created a balance between Northern and Southern Europe.”
Mr Downer echoed this argument during his interview on LBC, saying that the EU should not withhold trade talks for the sake of it.
He said: “In the UK the EU’s stake is sometimes lost on people. But not in the rest of the world.
“The UK and the EU represent a very large economic entity, worldwide.
“If free trade is taken away from the EU and the UK as a result of Britain leaving and unsuccessful negotiations that will be a setback for the world, for the global economy and the case for free trade.
“It is really important the EU negotiates a successful agreement with the UK, and obviously the UK does its part as well.
“It’s not just about the UK it’s also about the EU itself.”