The European Union’s tech regulation chief, Margrethe Vestager, said political agreement will probably be reached this year to create the world’s first major artificial intelligence (AI) law. Members of the European Parliament agreed to push through the EU’s Artificial Intelligence Act draft for a vote by a committee of lawmakers on May 11. Vestager said the EU AI Act seeks to mitigate the societal damage risks associated with emerging technologies while also being “pro-innovation.” The regulation sets guidelines for AI’s high-risk use cases to avoid costly and damaging AI misuse situations.
While the EU AI Act is expected to pass this year, it may take a few years for enforcement. Nonetheless, Vestager believes businesses should begin considering the implications of the new regulations. An organization backed by Elon Musk and European lawmakers involved in drafting the EU AI Act has called for world leaders to collaborate on ways to regulate advanced AI and avoid disruptions. The digital ministers of the G7 advanced nations agreed to adopt “risk-based” regulation on AI, which could be the first step towards global agreements on how to regulate AI.
Source and more information: Reuters website
