European and US regulators team up to boost AI competition: key joint statement released

European and US regulators, such as EU, UK, and US agencies, have come together to say that the AI industry needs more competition and better protection for consumers.

The United States, the European Union, and Great Britain have all signed a statement to protect customers and make sure there is fair competition in the field of artificial intelligence.

Generative AI has changed a lot in the past few years, and the technological turning points could bring about new ways to compete, opening up new opportunities for growth, innovation, and chance.

The EU’s Competition and Markets Authority, Markets Authority and the UK’s Competition , the US Federal Trade Commission, and the US Department of Justice are some of the watchdogs that said they would protect against actions that could hurt 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.

Fair dealing, stopping tactics that keep people out, and a closer look at investments and partnerships between established businesses and new ones are some of the general principles that have been set out.