Get ready for a historic meeting of the minds as lawmakers from the European Union and the United States join forces to draw up a code of conduct for Artificial Intelligence (AI)! This exciting development comes as politicians and industry leaders around the globe grapple with the potential threats posed by this rapidly-evolving technology.
While formal regulations and legislation on AI are still being debated and developed in both jurisdictions, this new code of conduct could be a game-changer. In fact, a proposed draft is expected to be released within weeks, bridging the regulatory gap until more formal legislation is passed.
The European Commission has already made strides in this area, publishing the first draft of its AI act, which sets strict guidelines on how AI can and cannot be used. Meanwhile, the US government is conducting its own consultation on what an AI regulatory framework should look like. President Joe Biden and Vice President Kamala Harris have even met with leading AI executives to discuss the potential dangers posed by the technology.
The need for accountable AI has never been more urgent, and leading industry figures are stepping up to address this global concern. In an open letter signed by hundreds of tech leaders, academics, and public figures, concerns were raised that the unchecked evolution of AI could lead to an extinction event. European Commission Vice President Margrethe Vestager echoed these concerns during a meeting of the EU-US Trade and Technology Council in Sweden, saying that the new code of conduct is an “absolute urgency” for lawmakers.
The council was established in 2021 to coordinate technology and trade policy between the US and EU. With ten expert working groups, each focused on specific policy areas like data governance and technology platforms, the council is uniquely qualified to address the challenges of AI regulation.
All eyes are now on the upcoming proposal for industry players to commit to voluntarily. Officials plan to seek feedback from industry players and invite parties to sign up, but they are already encouraging other global partners to get on board. With lawmakers across the globe coming together to address AI regulation, exciting times are ahead for this rapidly-evolving technology!