Washington – Today, the Trans-Atlantic Business Council released a statement emphasizing the importance of the EU-U.S. Privacy Shield to transatlantic commerce in anticipation of the first annual review of the agreement taking place on September 18-19 in Washington.
The Trans-Atlantic Business Council urges EU and U.S. officials to take careful consideration of the immense benefit to both American and European business the Privacy Shield has provided since its inception as they conduct the annual review. TABC believes that a positive outcome of the review would ensure the much-needed predictability of legal requirements for European and U.S. companies and confirm the importance of the interoperability of legal systems to keep data flowing seamlessly around the world. Fundamental rights of EU and U.S. citizens are at stake, as well as the societal benefits spurred by innovation and economic growth.
TABC Director-General/CEO, Tim Bennett, emphasized that “in an increasingly digital global economy, it is vital that the new framework establishes a predictable and enduring tool for data transfers and privacy protection as European and U.S. laws continue to evolve.”