ABSTRACT
The EU constitutes one of the key players in the global economy. In 1999 it accounted for an estimated 40% of world merchandise exports if intra-EU exports are included and 14.6% if extra-EU exports only are taken. This was a larger share than that of any single country, even the United States. EU exports of commercial services accounted for 42% of world exports (including intra-EU exports), a higher share than for any other region of the world. So far, deepening internal integration has not been at the expense of wider external integration. In line with other advanced industrialized regions and countries, trade between the EU and the rest of the world has grown at a faster rate than output of goods and services, implying growing international economic interdependence.
