EU, China begin first discussions on new mechanism for cross-border data flow
Date
8/29/2024 8:32:21 AM
(MENAFN) The European Union and China have commenced discussions under their newly established cross-border data flow communication mechanism. This initiative is the result of a Political agreement reached in 2023, involving European Commission Vice-President Vera Jourova and Chinese Vice-Premier Zhang Guoqing during the EU-China High-Level Digital Dialogue, as well as discussions between EU Executive Vice-President Valdis Dombrovskis and Chinese Vice-Premier He Lifeng at the EU-China High-Level Economic and Trade Dialogue.
The purpose of the mechanism is to explore ways to streamline the transfer of non-personal data across borders for European companies, while ensuring compliance with Chinese data regulations. The European Commission highlighted the critical role of data flows in facilitating trade, noting that a significant portion of foreign direct investment between the EU and China relies on companies' ability to manage their data internationally. This is particularly crucial for industries such as finance, insurance, pharmaceuticals, automotive, and information and communications technology.
The smooth exchange of data is not only vital for trade but also essential for research and development activities, which are fundamental for business success and innovation.
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