The US and also the European community have announced that they need an “in principle” agreement in situ to form a brand new framework for the aim of cross-border data transfers.
This announcement has brought much relief to various tech giants like Google and Meta.
For over a year, officials are planning out a pander to the aim to switch the invalidated Privacy Shield, a meeting that enables firms to share Europeans’ data with the US.
In July 2020, the Privacy Shield was invalidated. This struck a blow to the tech companies that were hoping for this mechanism for the US-EU data flow. The highest court of the EU sided with privacy activist Max Schrems who had argued that the prevailing framework failed to protect the people living in Europe from surveillance of the US.
The framework highlights the various commitments toward data protection, privacy, and its related rules. A smooth flow of knowledge between the EU and therefore the US will help in facilitating economic relationships amounting to USD 7.1 trillion.
This agreement also will help in enabling the trustworthiness and predictability of knowledge flows across the Atlantic, thus safeguarding the privacy of all individuals.
This newly announced agreement will offer some respite for the tech companies that were facing legal uncertainty on moving data across the borders after the choice to try and do away with Privacy Shield was announced. Meta had announced that it’d even close up Instagram and Facebook in Europe over the difficulty of Privacy Shield.