The UK plans to strike ‘data adequacy’ partnerships with the United States, Australia, the Republic of Korea, and Singapore, among other territories, it has been revealed.
The Government said the move will “drive trade and international investment” and support law enforcement agencies tackle corporate crime.
According to the report, international data transfers “underpin” innovation and the global digital economy and are vital for everyday activities such as GPS navigation, banking, retail, and businesses’ back-office delivery.
But an estimated £11 billion of trade goes “unrealised” around the world each year due to barriers associated with data transfers.
Commenting on the announcement, Digital Secretary Oliver Dowden said: “Now that we have left the EU I’m determined to seize the opportunity by developing a world-leading data policy that will deliver a Brexit dividend for individuals and businesses across the UK.
“That means seeking exciting new international data partnerships with some of the world’s fastest growing economies, for the benefit of British firms and British customers alike.”
While driving trade and investment, striking ‘data adequacy’ partnerships with key markets will also save businesses significant time and money in compliance costs.
The full list of territories include:
- United States
- Australia
- Republic of Korea
- Singapore
- Dubai International Finance Centre
- Colombia
- India
- Brazil
- Kenya; and
- Indonesia.
According to the latest statistics, the UK exports around £80 billion of data-enabled service exports to these destinations each year.
The report comes after the European Commission formally agreed to recognise Britain’s protection standards in July – allowing personal data to flow freely from the EU and the European Economic Area (EEA) to the UK without the need for additional safeguards.
Commenting on the breakthrough, John Foster, Director of Policy at the Confederation of British Industry (CBI), said the decision will help British businesses grow and trade overseas.
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