EU and US come to ‘agreement in principle’ on data flows
A new regulatory framework has been agreed upon after more than a year of negotiations. It will give greater clarity to companies whose data flows are reliant on regular availability, including for research purposes.
A preliminary agreement has been reached between the EU and the US regarding data exchange between the two sides of the Atlantic. Due to concerns about US government surveillance, the EU’s Court of Justice struck down the existing rules in July 2020, hampering steady data sharing. With the Trans-Atlantic Data Privacy Framework, the European Commission claims that “900 billion Euros worth of cross-border commerce takes place every year” as a result of data flowing across the Atlantic. As a result of more than a year of negotiations, the Privacy Shield Framework was killed off by an EU court. In principle, the deal has been reached and now needs to be translated into legal documents so that both the US and the EU can approve it.