Washington, DC - U.S. Chamber of Commerce Executive Vice President and Head of International Affairs Myron Brilliant issued the following statement on the administration’s new proposal to address data localization requirements affecting the financial services sector in U.S. trade and investment agreements:

“We applaud the collaboration between the administration, Congress, and industry to get the policy right on cross-border data flows for companies of all sectors and sizes, including financial services.

“One of the most important provisions in the Trans-Pacific Partnership (TPP) is its prohibition on the forced localization of data. Such rules are essential because many industries have come to rely on the ability to move data across borders even as firms comply fully with privacy requirements.

“This proposal represents an important step forward for U.S. trade and investment policy, though there is still much work to be done to implement it. We urge the administration and Congress to redouble their efforts on this front and to address remaining areas of concern in the TPP.

“It bears repeating that when America stands still on trade, we fall behind. The TPP will sweep away the tariffs and other barriers that too often deny a level playing field for U.S. exporters. It will unleash the digital economy, strengthen our innovative and creative industries, and end the favoritism afforded to state enterprises. It can be a game changer for American workers, ranchers, and companies — and for our friends and allies in the Asia-Pacific region.”