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According to the International Association of Privacy Professionals (IAPP), the U.S. Department of Commerce and the European Commission announced they have initiated discussions "to evaluate the potential for an enhanced EU-U.S. Privacy Shield framework to comply with the July 16 judgement of the Court of Justice of the European Union in the 'Schrems II' case." The joint statement also reads that "as we face new challenges together, including the recovery of the global economy after the COVID-19 pandemic, our partnership will strengthen data protection and promote greater prosperity for our nearly 800 million citizens on both sides of the Atlantic."
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