“The new EU US privacy shield is extremely important to the future growth and prosperity of the transatlantic economic relationship. Cross border data flows play a central role in enabling trade and innovation in all markets in this global, interdependent economy. The ability to move data across borders is-simply put-an essential facet of 21st century commerce,” said ICC Secretary General John Danilovich

SMEs are also using Internet platforms to reach overseas consumers and to export in unprecedented numbers. Legal uncertainty about the future treatment of transatlantic data flows would weigh significantly on SME growth.

“This isn’t just a deal for large firms or technology service providers. Small and medium-sized enterprises are increasingly taking advantage of the Internet to reduce the cost of data storage infrastructure costs and to engage in international trade. SMEs are also using Internet platforms to reach overseas consumers and to export in unprecedented numbers. Legal uncertainty about the future treatment of transatlantic data flows would weigh significantly on SME growth.”

In a letter sent last week on behalf of over six million members in more than 130 countries, ICC Secretary General John Danilovich urged both negotiating parties to intensify efforts to swiftly conclude the Safe Harbour to provide businesses with crucial guidance and legal certainty relating to transfer mechanisms to maintain cross-border data flows.

ICC works to further the development of an open world economy with the firm conviction that international commercial exchanges are conducive to both greater global prosperity and peace among nations.