WASHINGTON, D.C. – Leading technology associations including Interactive Advertising Bureau (IAB) have joined a letter to European Union institutions supporting the Transatlantic Data Framework that President Joe Biden implemented with an executive order last month. In the years since the European Court of Justice invalidated the EU-U.S. Privacy Shield that permitted American companies to self-certify compliance with EU laws, diplomats have been working towards a solution that would allow an estimated $7.1 trillion of transatlantic trade to reliably continue.

The President’s executive order creates dedicated privacy officers at U.S. intelligence agencies, a complaint mechanism, and a special Department of Justice court. IAB and other organizations are urging a “swift conclusion” to the EU’s adequacy decision process. IAB’s EVP of Public Policy Lartease Tiffith issued the following statement:

“IAB members and every industry that relies on digital trade have been waiting in limbo for U.S. and EU governments to develop a new mechanism that businesses can use to safely, securely and reliably transfer data between our two countries. Smooth data flows are also important to the small and medium-sized businesses that relied upon the Privacy Shield to transfer data. We believe the President’s executive order meets his commitment to the EU Commissioner this year, setting a high bar for online privacy that deserves EU approval as soon as possible. We’re proud to partner with our international colleagues to support a strong EU-U.S. alliance, mutual economic growth, and the rights of everyone to online privacy.”