Home Business EU plans to open data to sharing in bid to rival Asia...

EU plans to open data to sharing in bid to rival Asia and U.S.


© Reuters. FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels

By Marine Strauss

BRUSSELS (Reuters) – In an effort to avoid EU firms and citizens relying on data from Asian and U.S rivals, the European Commission is proposing new rules to allow sharing of public and personal data with businesses and research organisations.

The European Union executive hopes that this could lead to improvements ranging from personalised health treatments, to better tackling climate change or developing precision farming techniques.

“Data should be accessible and the sharing of such data should be secure,” European Commission Vice-President Margrethe Vestager told a news briefing on Wednesday.

The Commission proposed a new model based on the neutrality and transparency of so-called “data intermediaries,” which would organise data sharing or pooling, to increase trust.

“For data to circulate, we need (people) to have confidence,” EU industry chief Thierry Breton said.

This follows a broader data strategy by the Commission in February to create a single European data market, hoping that pooling industrial expertise will help build technology firms to rival Silicon Valley and state-backed Chinese heavyweights.

Having lagged the first wave of digital innovation, particularly in consumer markets such as social media, online shopping and smartphones, the EU sees itself in a battle for industrial data and its potential.

However, EU bodies will be subject to strict requirements such as not being able to sell the data to another company or to use it to develop their own product based.

The EU said the new measures could increase the annual economic value of data sharing from 7 billion euros ($8.33 billion) up to 11 billion euros by 2028.

($1 = 0.8407 euros)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.