BritishAmerican Business Statement Regarding the EU Adequacy Decision Announcement
28 June 2021
Contact: Dominic Parker, Communications Manager email@example.com | 020 7290 9882 | +44 7500 115352
London/New York – BritishAmerican Business welcomes today’s announcement that the European Commission has finalized an Adequacy Decision for the UK, which brings much-needed certainty for the thousands of transatlantic businesses that need to move data safely and efficiently between the EU and the UK.
BAB Director of Policy & Trade, Emanuel Adam said:
“Today’s decision is clearly a moment of relief and a positive outcome of longstanding efforts by our community. Yet, we also note the introduction of a 4-year ‘sunset clause’ which limits the duration of the decision. BAB and our members will continue to engage with policymakers to make a case for why Adequacy serves both the UK and the EU.
“We know that digital trade is a fundamental building block of both economies; disrupting data flows would have a severe direct impact as well as substantial knock-on effects resulting from increased compliance costs and fines, all of which would disproportionately affect SMEs.
“The Adequacy Decision is an important component of our efforts to keep the wider transatlantic digital space open for business. In that context, we look forward to the successful conclusion of the ongoing U.S.-EU and U.S.-UK negotiations on an enhanced Privacy Shield framework, which will help reinforce an open and safe corridor for data flows.”
BritishAmerican Business is the leading transatlantic trade association incorporating the British-American Chamber of Commerce in the US and the American Chamber of Commerce in the UK.
We are committed to strengthening the economic corridor between the United States and the United Kingdom by supporting policies and action that protect and enhance the environment for transatlantic trade and investment.
We convene and serve a growing network of companies and business leaders through networking opportunities, bespoke programming and marketing platforms.
We actively promote trade and investment and support those who make the transatlantic corridor part of their business growth ambition.
For more information, please visit www.babinc.org