The American Chamber of Commerce Ireland responding to today's ruling by the Court of Justice of the EU (CJEU) in the Schrems case has said that any uncertainty about companies' ability to transfer data to support global trade and investment activity could be potentially damaging.
Mark Redmond, Chief Executive of the American Chamber said "The free flow of data is essential to conducting business in the 21st century in a global economy and ever increasing interconnectivity between the world's citizens. Today's ruling could have important implications for the Transatlantic economy between the EU and the US which currently accounts for 15 million jobs on both sides of the Atlantic and 35% of global GDP.
"The American Chamber is committed to a strong data protection framework and believes it is essential to gaining and maintaining consumer confidence in our businesses, products and services. Fundamental to such a framework is data privacy. The protection of personal data is clearly very important, but so too is ensuring that regulations do not act as a barrier to global commerce. Any uncertainty surrounding this could have a damaging impact to the business operations of both large and small businesses across all industry sectors.
"The EU and US authorities are currently negotiating a more robust Safe Harbour agreement. To rectify the uncertainty caused by this ruling these negotiations must be concluded as soon as possible.The Transatlantic partners must ensure that we move forward from this judgment in a measured manner."
Read the full judgement here>>