Of utmost importance: EU-US agreed on new basis for data flows
Today’s announcement of an agreement between the EU and the USA on a revised framework for international data flows (the “EU-US Privacy Shield”) is of utmost importance for businesses and citizens in Europe and the United States.
Since the invalidation of the existing Safe Harbour framework by the European Court of Justice on 6 October 2015, the ability for companies to transfer data from the EU to the USA has been seriously undermined.
Markus J. Beyrer, Director General of BUSINESSEUROPE said: “The free flow of data between the EU and the USA is the most important in the world. This agreement is essential because it provides a reliable framework for international data transfers.”
The new framework should benefit innovation, job creation and economic growth both in Europe and the United States. In a letter to European Commission President Juncker and to US President Obama, BUSINESSEUROPE, together with its counterparts US Chamber, DIGITALEUROPE and ITI, stressed the urgent need of a reliable framework for international data transfers.
Markus J. Beyrer added: “It is now important to swiftly finalise the details of the newly reached agreement and then grant companies a reasonable transition period to comply with it. Especially small and medium-sized enterprises will need time to adapt.”
BUSINESSEUROPE calls on national authorities to contribute constructively to the good functioning of the new arrangement and ensure a consistent European approach to transatlantic data transfers. This will help ensure common rules in the digital single market to the benefit of Europe’s economy”.