The Importance of a New Transatlantic Data Flow Framework
AmCham Denmark, in partnership with Privacy Boost by Wired Relations held a webinar on Transatlantic Data Flows with the U.S. Chamber of Commerce Senior Vice President for International Regulatory Affairs & Antitrust, Sean Heather.
The ability to transfer data across borders, is vital for transatlantic companies of all sizes and across all industries, from financial services to manufacturing. Data transfers between the U.S. and EU are worth an estimated $7.1 trillion. Any disruption to data flows would have an immediate direct impact far beyond the tech sector. Global data flows now contribute more to growth than the global trade in goods. International trade underpinned by data flows reached nearly $700 billion in exports from the U.S. and nearly $500 billion in imports, according to the Annual Survey of Jobs, Trade and Investment between the United States and Europe from 2021.
During the event, Mr. Heather underscored the importance for the EU & US to work towards a new transatlantic data flow framework to replace the recently invalidated Privacy shield, in order to ensure the uninterrupted transfer of data between the regions.
Read more about the U.S. Chamber’s perspective on a new framework for transatlantic data flows here