The share of transatlantic economy in the world

The European Union and the United States have the largest bilateral trade and investment relationship in the world, accounting for a significant share of global trade in goods and services and representing one third of world GDP in terms of purchasing power. Both entities are wealthy and collectively account for around half of global personal consumption. Additionally, the transatlantic economy serves as a hub for innovation and technological advancement, and is at the forefront of global foreign direct investment (FDI) and global mergers and acquisitions (M&A) activity (see Figure 1). US-EU goods trade in 2023 reached US$946 billion, surpassing the US$575 billion US-China goods trade by 39 % and the €738 billion EU-China goods trade by 15 %.