Regulators in the U.S., European Union, and Britain inked a joint statement that will ensure fair competition within the AI race and protection for consumers.
The European Commission, the U.K.'s Competition and Markets Authority, the U.S. Department of Justice, and the U.S. Federal Trade Commission signed the joint statement.
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International Regulators Pledge to Protect Competition, Consumers in AI Race
The joint statement revealed that the regulators are planning to establish safeguards against any tactics that could hinder fair competition within the rising industry. The regulators also warned that even if the jurisdictions from one place to another remain sovereign, companies will be assessed based on their violation of international boundaries.
"Guided by our respective laws, we will work to ensure effective competition and the fair and honest treatment of consumers and businesses," the competition authorities wrote.
The agencies also emphasized the "speed and dynamism" of AI developments. The regulators pledged that they would use all available resources and powers to address any risks before they become irreversible harm.
Internation Regulators to Assess Anti-Competition AI Practices
The authorities released a detailed guideline on how companies will be assessed based on their current market policies. For instance, the concentrated control of key inputs, like specialized chips, could limit the scope of innovation by allowing companies to develop it based on their own advantage.
The extending of market power in AI-related markets is also considered a risk to fair competition. AI firms could control multiple levels of AI stack, preventing others from making major technological shifts on their own.
In addition, the regulators will also investigate the partnerships, financial investments, and other connections between firms that are used to develop generative AI.
Several companies have been signing partnership agreements which could potentially make a significant impact on the market.
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