It’s time for a new agreement on transatlantic data flows, according to the U.S. Chamber of Commerce.

“The U.S. and EU must work together to swiftly finalize a new EU-U.S. Privacy Shield agreement that brings legal certainty to data transfer mechanisms,” the organization said in a statement. “This must be the top priority for both the U.S. and EU to avoid disruptions to data flows that could have massive consequences for businesses, customers, and workers on both sides of the Atlantic.”

The statement lists “13 Reasons We Need a Transatlantic Data Flow Framework.”

Among them:

  • Transatlantic Data Transfers are Ties that Bind
  • Data Flows Enable Trade in Services
  • Services Growth Depends on Data
  • Businesses Rely on Data Transfer Frameworks
  • Data Flows Give Small Businesses Opportunity

Read the full statement here.