In a general sense, it represents citizenship of the United States.
More specifically, the 50 stars represent the current 50 states. The blue field is called the "union" because of this.
The 13 red and white stripes represent the 13 original colonies: Virginia, Massachusetts, New Hampshire, Maryland, Connecticut, Rhode Island, Delaware,, South Carolina, New Jersey, New York, Pennsylvania, and Georgia.
Aside from this, there is no universally agreed upon symbolism.
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