Global developments and the same approach to data governance and technology innovation

The technological innovations of ITI’s members, and the digitalization of the economy more broadly, bring innumerable benefits to European industry and society. The tech sector empowers European companies of all sizes and across industries – from agriculture to education, from financial services to manufacturing and energy, to healthcare and transportation – to leverage frontier innovations to compete and succeed in the global marketplace.

Convinced that technology allows to address some of the most socially challenging issues of the time and improve the quality of daily life, EU governing institutions are working to prepare the legislation that will support these technological developments. A general overview of the work being done to regulate data governance laws and procedures, including data protection and their innovation and security, was discussed at the meeting organized by the AmCham in Washington and the American Chamber in Tirana. Senior officials from different countries, representing committees and institutions directly, as well as from the State Department and Mr. Evangelos Razis of AmCham Washington related to global data protection policies and technological developments.

The meeting focused on how it is proceeding to key markets in the EU and US to protect data in a global market. Europe has developed an extensive framework for privacy and the General Data Protection Regulation is having a global impact on many governments’ efforts to update their own privacy legislation and enable their businesses to trade more easily within European market. These developments will help foster the trust of consumer and business in digital products and services, that is critical to the adoption of new technology in the EU. The Implementation of the data protection framework should focus on deep harmonization within the EU, and flexibility to take into account the ongoing tech evolution , allowing the EU to meets the needs of individuals, businesses and society and innovate across many industries, in unprecedented ways, from  revolutionizing the delivery of  healthcare, to facilitate a new wave of modern conveniences while ensuring privacy rights are safeguarded.

During the meeting was emphasized the fact that consumer rights in the market rules and market players is crucial. Ensuring consumers’ access to the control over their personal data is key to encourage them to trust that data will be used transparently, leading to increased consumer welfare in the form of better, more relevant and innovative products and services at lower price or free of charge. Only in this way, strong privacy protections will not be at odds with innovation.