Former Jaguar boss Sir Nick Scheele, one of the most powerful figures in the global motor industry, has taken a swipe at protectionist attitudes he claims threaten to stifle international trade.

Now president of Ford, Sir Nick used his first public speech since announcing his stepdown from the role of chief operating officer, to hit out at over-regulation and protectionism.

Speaking to transatlantic business leaders at a dinner organised by the British American Business Council in the Midlands, he told the audience: "We are standing on the cusp of what is possibly the greatest industrial age that the world has ever seen."

He stressed his view that the US and Europe, including Britain, have nothing to fear from China's growing industrial strength, or India's development as a global IT centre.

Instead, he sees an opportunity, pointing out: "The populations of these two countries comprise not just a sizeable fraction, but the majority of the world's potential consumers.

"Today, suddenly and for the first time in the memory of anyone here, there is a Third World market on the horizon. For the first time in many industries, there is an opportunity not to simply compete for share, but to grow."

Sir Nick urged the government to resist the urge to "gold plate" EU regulations that already cost industry dear - Ford estimates that the combined cost of current and pending regulation on the automotive industry could be as much as 5,000 euros (£3,500) for every vehicle it builds.

The cost goes to meet tough regulations like those aimed at reducing CO2 emissions and particulates - objectives that are mutually exclusive.

"You can't achieve both at the same time," Sir Nick said. "The measures needed to reduce particulates have the effect of driving up CO2 emissions by five per cent. At the same time, we are being asked to make significant cuts in CO2 emissions."