WASHINGTON, D.C.— The U.S. Chamber of Commerce today released two reports on best practices for privacy regulators and the economic impact of cross-border information and communications technology (ICT) services. The first report reveals $1.72 trillion in global GDP gains that could result from reducing market and regulatory barriers to cross-border ICT services. The second report highlights best practices for global data protection authorities (DPAs) that will contribute to effective data protection governance.
“Data has become a principal catalyst of global economic growth, and American companies and American technology are at the forefront. But more and more, governments are putting barriers in place that restrict the benefits derived from the digital economy,” said Sean Heather, vice president of the Center for Global Regulatory Cooperation at the U.S. Chamber. “Governments can encourage economic growth by facilitating the global movement of data and engaging with stakeholders as partners to promote accountability and compliance.”
The first report, Globally Connected, Locally Delivered: The Economic Impact of Cross-Border ICT Services, examines eight global markets and finds that reducing barriers to cross-border ICT services could increase the GDP of these eight markets by 1.87%, with a projected impact of $1.72 trillion on global GDP. The report, produced by Spire Research and Consulting, examines the economies of Brazil, the European Union, Indonesia, Japan, Korea, Nigeria, Turkey, and Vietnam.
The second report, Seeking Solutions: Attributes of Effective Data Protection Authorities, makes a series of recommendations to improve the effectiveness of data privacy regulators. The report calls on DPAs to promote education, awareness, and transparency surrounding data protection governance, as well as to seek feedback from and collaborate with relevant stakeholders. According to the report, effective DPAs should also be able to understand and adapt to changes in the global business and technology landscape. The report was written in partnership with Hunton & Williams LLP.
Federal Trade Commission (FTC) Chairman Maureen Ohlhausen delivered a keynote address at a rollout event launching the two reports.
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations. Its International Affairs division includes more than 70 regional and policy experts and 25 country- and region-specific business councils and initiatives. The U.S. Chamber also works closely with 117 American Chambers of Commerce abroad.