European, American regulators issue statement together on successful AI competition

Regulators from the US, EU, and UK have come together to create a statement detailing recommendations for protecting consumers in an attempt to preserve healthy competition in the artificial intelligence sector.

In an effort to maintain healthy competition in the artificial intelligence market, regulators from the US, EU, and UK have joined forces to establish a statement outlining guidelines for safeguarding consumers. According to the statement, generative AI has advanced quickly in recent years, and new competitive strategies may be introduced at “technological inflection points” that spur opportunity, innovation, and growth.

The European Commission, the UK’s Competition and Markets Authority, the US Department of Justice, and the US Federal Trade Commission are among the watchdogs that have stated that they intend to take precautions against any actions that would jeopardize the integrity of fair competition. “Guided by our respective laws, we will work to ensure effective competition and the fair and honest treatment of consumers and businesses,” they stated.

The shared values that are outlined include treating everyone fairly, avoiding discriminatory practices, and closely monitoring investments and alliances between established players and emerging ones.

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