On the 31st of May, 2023, Margrethe Vestager—the European Union’s Executive Vice President for Competition and Digital Strategy—made an announcement at the fourth meeting of the US-EU Trade & Tech Council: the EU and US are working together to create a voluntary AI Code of Conduct.
This code would provide non-binding international guidelines pertaining to risk audits, transparency, and other requirements surrounding the development of Artificial Intelligence systems. Vestager’s announcement was made in light of recent discussions between G7 countries which included a commitment to advancing dialogues concerning AI regulations such as copyright, transparency, and disinformation.
The proposal generated by this new Code of Conduct is intended to be proposed before G7 leaders and companies alike would be encouraged to sign up voluntarily. This endeavor seeks to construct a unified platform of responsible use of Artificial Intelligence until formal regulation takes effect.