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United States, Britain, and European Union member
states will sign the world’s first legally binding international treaty on
artificial intelligence, Reuters reported. The treaty, developed over years of
negotiations, aims to address the risks posed by AI while promoting responsible
innovation.
Treaty Addressing AI Impact
The AI Convention, adopted in May, is the result of discussions among 57 nations spearheaded by the Council of Europe, a
human rights organization. This agreement is focused on protecting the human rights
of those affected by AI systems and ensuring that technological progress does
not come at the expense of fundamental values like human rights and the rule of
law.
While the treaty may share similar goals with the
European Union’s recently enacted AI Act, it is distinct in scope and
application. The EU’s AI Act, which came into force last month, focuses on
regulating AI systems within the EU’s internal market.
The first legally binding international AI treaty will be open for signing by the countries which negotiated it, including European Union members, the United States and Britain, the Council of Europe human rights organization said https://t.co/1IBZdoDTso
— Reuters (@Reuters) September 5, 2024
In contrast, the AI Convention is open to a broader
group of countries and places an emphasis on human rights. The Council of
Europe, formed in 1949 to safeguard human rights, initiated discussions on the
feasibility of such a treaty in 2019.
What’s Next for AI Regulation?
By 2022, a Committee on Artificial Intelligence was
established to draft and negotiate the text that would form the basis of the
Convention. Signatories to the treaty will have the flexibility to adopt their
own legislative and administrative measures to implement its provisions.
The UK government has stated that it will work with
regulators, local authorities, and devolved administrations to ensure the new
requirements are properly executed. However, how countries handle the balance
between AI innovation and regulation will likely differ, leading to varying
levels of enforcement across jurisdictions.
Interestingly, global technology giants are moving
swiftly to reap the benefits of AI. These include Microsoft’s AI investment,
Apple’s integration, and Meta’s metaverse ambition to illustrate the
adoption of the new technology.
However, each of these tech giants faces the
challenges and benefits that come with the AI technology, Finance Magnates
recently analyzed. For instance, Microsoft’s recent quarterly
earnings showed that despite impressive revenue figures, the tech giant
profits were negatively affected by massive AI-related expenses.
This article was written by Jared Kirui at www.financemagnates.com.
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