02/28/2016 08:00 PM EST
Today, the full text of the EU-U.S. Privacy Shield framework is publicly available. U.S. Secretary of Commerce Penny Pritzker made the following statement surrounding the historic agreement.
“The EU-U.S. Privacy Shield is a tremendous victory for privacy, individuals, and businesses on both sides of the Atlantic. We have spent more than two years constructing a modernized and comprehensive framework that addresses the concerns of the European Court of Justice and protects privacy.
Our U.S. and EU negotiators worked around the clock to develop a new framework that underpins $260 billion in digital services trade across the Atlantic. The new EU-U.S. Privacy Shield provides certainty that will help grow the digital economy by ensuring that thousands of European and American businesses and millions of individuals can continue to access services online.
In the end, we achieved a strong agreement that enables transatlantic commerce while safeguarding privacy.
Each side engaged many partners to complete the new EU-U.S. Privacy Shield, but I want to particularly thank Commissioner Věra Jourová for her leadership during this process. We hope the Framework moves swiftly through the EU approval process, so companies and individuals on both sides of the Atlantic can continue to ensure a high-level of data protection.”
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