Four regulatory bodies from the EU, UK and US have issued a statement of joint intent To study whether the AI industry allows for enough competition. The four groups are the European Commission, the UK Competition and Markets Authority, the US Department of Justice, and the US Federal Trade Commission.
The statement does not suggest any comprehensive regulation or the formation of any new regulatory body.
“Our decisions will always remain sovereign and independent,” the statement said. But, the organizations said some cooperation is vital because the risks posed by the AI industry “do not respect international boundaries.”
What is said in the joint statement?
The statement seeks to prevent risks to competition, such as the inclusion of existing AI firms in the ecosystem, raising barriers to entry or a lack of choice among buyers. There is scope for even more existential risks in the wording of the statement: “AI could be developed or used in ways that harm consumers, entrepreneurs or other market participants.”
Other challenges in the AI industry include limited access to chips and close collaboration between major players. Regarding the latter, the CMA has until September to decide whether to investigate the transfer of key Inflection AI talent to microsoft,
The joint statement, which is not tied to any specific investigation or AI company, suggests that these challenges can be resolved by following certain agreed principles:
- “fair dealing” (as opposed to exclusionary tactics).
- Interoperability.
- Like.
“AI is a borderless technology that has the potential to drive innovation and growth, delivering transformational benefits for people, businesses and economies around the world,” said CMA chief executive Sarah Cardell. Press release“That’s why we have come together with our EU and US partners to set out our commitment to help ensure fair, open and effective competition in AI, which will drive growth and positive change for our societies.”
Look: Search engine This is the newest area in which AI companies are competing.
What does the joint statement mean for trade?
This joint statement is part of an ongoing dialogue between governments and the rapidly growing AI industry. Releasing of multimodal AI products banned in the EU Axios reported on July 17 that Facebook’s parent company cited a lack of clarity from the European Union regarding GDPR privacy rules as the reason.
At the same time, the European Commission Test The Digital Markets Act covers some of the world’s largest tech companies for “gatekeeping” of software.
EU AI Act The bill, which will take effect on August 1, will provide tools for startups and require companies to determine the level of risk for AI systems and disclose content generated by AI.
The businesses most likely to be affected are those in the EU that use AI products or are large AI manufacturers. The broader question, however, is whether the two groups can strike a balance between protecting users’ privacy – particularly in the case of photorealistic AI images that could spread misinformation – and giving new companies a chance to shake up the industry.
