US, European Regulators Issue Joint AI Competition Statement

Regions in the US, European Union, and Britain have signed a joint statement to guarantee effective competition in the AI sector

The statement outlines principles to safeguard consumers.

The statement asserted that the “technological inflection points” could introduce new means of competing, catalyzing opportunity, innovation, and development, as generative AI has rapidly evolved in recent years.

The European Commission, the UK’s Competition and Markets Authority, the U.S. Department of Justice, and the U.S. Federal Trade Commission, the watchdogs, have announced their intention to protect against strategies that could undermine equitable competition.

“Guided by our respective laws, we will work to ensure effective competition and the fair and honest treatment of consumers and businesses,” they said.

Fair dealing, the prevention of exclusionary tactics, and a more rigorous examination of investments and partnerships between incumbents and newcomers are among the established common principles.