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.

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