Singapore, Chinese Taipei, and the Philippines recently communicated their plans to join the Asia-Pacific Economic Cooperation (APEC) Cross-Border Privacy Rules (CBPR) system. The CBPR system will cover over a half billion Internet users with these additions, and many U.S. businesses will benefit from better being able to transfer data across borders.
The 21 APEC member economies first endorsed the CBPR system in 2011 in order to build consumer, business, and regulator trust in cross border flows of personal information (International Trade Administration blog). Exchanging information across country borders is a fundamental too for business in the global digital economy, and the system networks by providing a common framework for the exchange of personal information for participating economies.
The CBPR system has four main components. The first sets cognition criteria for organizations wishing to become an APEC CBPR system certified Accountability Agent. The second component is an intake questionnaire for organizations that wish to be certified as APEC CBPR system compliant by third-party CBPR system certified Accountability Agent. The third component is the provision of assessment criteria for use by APEC CBPR system certified Accountability Agents when reviewing an organization’s responses to the questionnaire. Finally, there is a regulatory cooperative arrangement to ensure that each of the APEC CBPR system program requirements can be enforced by participating APEC economies.
Since 2011, Canada, Mexico, Japan, and the U.S. have joined the system. South Korea also submitted its Intent to Participate earlier this year. As South Korea, Singapore, Chinese Taipei, and the Philippines are in preparation to join, companies across all sectors in the U.S. will benefit from uninterrupted data flows in these economies, enabling them to sell more goods and services, supporting more U.S. jobs
The U.S. Department of Commerce will continue working to encourage more APEC economies to join, so the system can expand into more and more Asian-Pacific markets. With the system, businesses in the U.S. can trade more easily with participating economies. If you are interested in exploring trade opportunities in APEC CBPR system certified economies, contact Mercatura Global today.