On 25 March, President Biden and President von der Leyen announced that the EU and the US have found an agreement in principle on a new framework for transatlantic data flows. The American Chamber of Commerce to the EU (AmCham EU) very much supports the strong political message that the Presidents have shared. Striking the balance between the free flow of data and the protection of privacy remains critical to both companies and citizens.

The invalidation of the EU-US Privacy Shield caused uncertainty for thousands of businesses on both sides of the Atlantic engaging in data transfers. Over 5,000 small and large companies rely on the Privacy Shield to transfer personal data across the Atlantic.

AmCham EU calls on both sides to continue to engage as they lay out the remaining details, and looks forward to the swift delivery of a robust and sustainable mechanism. Such agreement is essential to ensure legal certainty for businesses of all sizes. A new mechanism will also be a stepping stone for the success of other transatlantic initiatives, notably the Trade and Technology Council (TTC).