EU approved a data protection agreement with Israel

The agreement is paving the way for the transfer of personal data of EU citizens to Israel, resulting opportunities for Israeli companies to enter the European business arena
 
After several years of negotiations and objections made by Ireland, a data protection agreement between the EU and Israel has been approved. The agreement means that Israel will be recognized as having acceptable data protection standards by the EU, pavingthe way for the transfer of personal data of EU citizens to Israel.
 
The agreement will allow the free transfer of personal data on EU citizens - such as banking information and telephone numbers to Israel. The resulting opportunities for Israeli companies to enter the European business arena is likely to help both to boostIsrael's economy and to strengthen its links with the EU's economy.
 
Israel joins a host of other non-EU jurisdictions that have been approved by the EU as safe from a data protection perspective, including Switzerland, Canada, Argentina, Guernsey, the Isle of Man, Jersey, the Faroe Islands and certain US companies operating inside the USA's Safe Harbor scheme.
 
The Foreign Ministry welcomed the data protection agreement, saying it was a significant legal and diplomatic achievement that shows that professional, rather than political considerations, won out inside the EU.