US President Joe Biden said today in Brussels that the European Union (EU) and the United States of America (US) have agreed in principle on the transfer of personal data between the two blocs.

"Today, we reached an unprecedented agreement on the privacy and security of our citizens' data," Biden said, addressing the press after a meeting with European Commission President Ursula von der Leyen.

For her part, the head of the EU executive said she was "pleased" that "an agreement in principle on a new framework for transatlantic data transfers" had been found.

This agreement in principle, Von der Leyen stressed, "will enable predictable and reliable data transfers between the EU and the US."

According to the American president, the agreement could promote development and innovation in both blocks, as well as create greater digital competitiveness between small and large companies, estimating an impact of $7.1 billion on companies in both blocks.

Biden was in Brussels from Wednesday to today, where he attended the NATO and G7 summits as well as the European Council as a guest.