US President Joe Biden on Friday praised the newly reached agreement between the United States and the European Union on revamping the “Privacy Shield” framework in transferring data as a major breakthrough in their relations.
“And I’m proud to announce that we’ve also reached another major breakthrough in transatlantic data flows,” Biden said, “And today, we’ve agreed to unprecedented protections for data privacy and security for our citizens.
This new agreement will enhance the Privacy Shield Framework; promote growth and innovation in Europe and the United States; and help companies, both small and large, compete in the digital economy.”
The EU-US Privacy Shield framework is a mechanism that allows companies on both sides of the Atlantic to comply with data protection requirements when transferring personal data from the European Union to the United States.
However, the European Court of Justice had declared on July 16, 2020, the EU-US Privacy Shield framework invalid.
By reaching a new agreement, Biden said the United States and the European Union are finding new approaches to bound their economies closer together.
The US president emphasized that the framework underscores the two sides’ shared commitment to privacy, data protection and to the rule of law.
“It’s going to allow the European Commission to once again authorize transatlantic data flows that help facilitate $7.1 trillion in economic relationships with the EU,” Biden said
- Via Sputnik News Agency
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