Speech of EU Vice-President and Commissioner for Digital Single Market at the Brookings Institution
"Europe and the United States enjoy a long history of strong economic and political ties. That much we all know.
In terms of trade and investment, the transatlantic partnership is the world’s most significant. Put together, our economies account for about half of global GDP and nearly a third of trade flows.
Fewer people may know that a tremendous amount of this trade is underpinned by digital goods and digital flows.
According to a Brookings report, data flows between the United States and Europe are the highest in the world—50 percent more than those between the U.S. and Asia. Almost double the flows between the U.S. and Latin America.
Digital flows have become part of today’s global trade reality.
Along with the growth in internet access, they are driving an increasing amount of transatlantic trade and investment.
Europe may not be home to the world’s most famous internet companies. But Europe is a leader in ICT sectors like robotics and embedded systems, where it has 31% of world market share.
We are also a major global exporter of digital services."