The European Union has wrapped up negotiations with Japan on a deal that will allow companies to transfer personal data back and forth between the trading partners more easily, European Commission President Jean-Claude Juncker announced Monday.
The decision to set up so-called “adequacy” on data transfers between the EU and Japan is the blocs latest move to export its privacy standards across the world.
The announcement came ahead of a meeting between Juncker and Japanese Prime Minister Shinzō Abe in Tokyo at an EU-Japan Summit.
The EU and Japan “will create the worlds largest area of safe data flows,” Juncker tweeted. “We are shaping global standards and upholding the fundamental right of [data protection].”
The deal is key for businesses in Japan that want to market their products and services in Europe. Its deal is also reciprocal, allowing companies to transfer data from Japan to Europe more easily.
The Commission plans to formally adopt its decision this fall, as it still needs to go through standard checks in Brussels, it said in a statement.
The two blocs are still expected to sign their landmark Economic Partnership Agreement today.