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  • [Music]

  • Hi everyone.

  • Justin here.

  • We had some exciting news

  • to announce this week.

  • Commerce Secretary Penny Pritzker

  • and European Commissioner

  • Vera Jourová,

  • joined together

  • to announce the approval

  • of a new framework

  • between the U.S.

  • and Europe called the

  • "Privacy Shield."

  • The Privacy Shield is an

  • innovative framework

  • for how U.S.

  • and EU companies will protect

  • the privacy of personal data

  • of EU individuals

  • that gets transmitted

  • to our nation.

  • More broadly,

  • the Privacy Shield will

  • safeguard privacy while also

  • speeding the flow

  • of digital commerce

  • across the Atlantic.

  • And it's a breakthrough

  • in several ways.

  • First - it will boost

  • trans-Atlantic digital trade,

  • now worth at least two hundred

  • and sixty billion dollars.

  • Second - it shows how nations

  • can work together

  • to bridge different legal

  • regimes, in areas like privacy,

  • to achieve common goals.

  • Third - for U.S. businesses,

  • we now have greater clarity

  • and certainty about how

  • to handle data flowing to

  • and from Europe.

  • While there are legal challenges

  • that may arise,

  • this potential does not stop

  • European or American businesses

  • in other areas,

  • and it will not stop them

  • from adopting the Privacy

  • Shield here.

  • Fourth - since change is a

  • constant in the digital economy,

  • the Privacy Shield is designed

  • to be flexible and open

  • to adjustments,

  • rather than carved in stone.

  • Finally - I expect the Privacy

  • Shield to continue fueling what

  • I call the "Privacy Economy."

  • That's everyone who is investing

  • in services and technology

  • to protect data privacy

  • and creating new jobs

  • and opportunities along the way.

  • I want to give a shout-out

  • to all the interagency partners

  • who helped to make Privacy

  • Shield happen.

  • That includes folks

  • at the U.S. Department

  • of Justice,

  • the Federal Trade Commission,

  • the Director

  • of National Intelligence,

  • the State Department,

  • and many others.

  • Their incredible knowledge,

  • persistence

  • and passion kept the process

  • moving forward over two

  • and a half years.

  • And thanks to our partners

  • in the European Commission

  • for their expert thoughts

  • and collaboration in helping

  • to bridge the different

  • legal systems.

  • For more, take a look

  • at the blog that Ted Dean

  • and I just posted together.

  • And as always thanks

  • for watching.

  • [Music]

[Music]

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B1 US privacy shield european digital legal announce

Economics and Statistics Administration - The Privacy Shield

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    陳柏霖 posted on 2017/05/08
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