Axios' Ashley Gold reports.

Why it matters: After an EU decision struck down a previous arrangement allowing EU- and U.S.-based companies to store and share data despite differing regimes governing data privacy, tech firms stood at risk without a new data deal in place.

Driving the news: President Biden and European Commission President Ursula von der Leyen made the announcement Friday, during the president's trip to Europe. • Though specific details on the deal are still emerging, an agreement means long negotiations over how the U.S. handles the privacy of people’s data from the EU are largely complete.

What they're saying: The new agreement is called the Trans-Atlantic Data Privacy Framework, replacing the previous Privacy Shield agreement, per a fact sheet from the White House. • "For EU individuals, the deal includes new, high-standard commitments regarding the protection of personal data," the statement reads. • "For citizens and companies on both sides of the Atlantic, the deal will enable the continued flow of data that underpins more than $1 trillion in cross-border commerce every year, and will enable businesses of all sizes to compete in each other's markets."

Details: The deal seeks to give Europeans confidence that U.S. intelligence authorities aren't accessing their personal data via technology and information companies. Those concerns have been the main impetus for needing to make a new agreement after various court decisions struck previous deals down.

The deal includes: • efforts to "strengthen the privacy and civil liberties safeguards governing the U.S. signals intelligence activities," with new oversight procedures; • limited signals intelligence collection to be "undertaken only where necessary to advance legitimate national security objectives, and must not disproportionately impact the protection of individual privacy and civil liberties;" • and the ability for Europeans to contest cases where they feel their data was improperly obtained.