An agreement has been reached between the EU and U.S. legislators concerning the sharing of data between the two. This comes after a year of negotiations.
The new agreement replaces the Privacy Shield, a previous data sharing framework which was found to violate EU privacy protection laws by the European Court of Justice in 2020.
Since then, Meta (formerly Facebook) complained that if a new transatlantic framework were not adopted, it would likely cease offering services like Facebook and Instagram in Europe. Other global tech companies, such as Google, also stand to gain.
For his part, Joe Biden emphasized the economic benefits of data-sharing, referring to its facilitation of “$7.1 trillion in economic relationships” between his country and the EU. President of the European Commission von der Leyen expressed similar optimism.
It now remains to be seen whether the new pact’s implementation will run smoothly, or face a similar fate to its predecessor.