US And European Regulators Vow To Ensure Active Competition In AI Space

US And European Regulators Vow To Ensure Active Competition In AI Space

Intend to scrutinize investments and partnerships between incumbents and newcomers

While setting out principles to protect consumers, the European Commission, the UK's Competition and Markets Authority, the US Department of Justice and the US Federal Trade Commission have signed a joint statement to ensure effective competition in the artificial intelligence (AI) space.

The statement said that generative AI has rapidly evolved in recent years and the ‘technological inflection points’ could introduce new means of competing, catalyzing opportunity, innovation and growth.

The watchdogs in the United States, European Union and Britain said, "Guided by our respective laws, we will work to ensure effective competition and the fair and honest treatment of consumers and businesses.”

The common principles include fair dealing and prevention of exclusionary tactics and closer scrutiny of investments and partnerships between incumbents and newcomers.