G7 industrial countries to agree to a basic AI code of conduct for tech companies

The Group of Seven (G7) industrial nations is set to reach a consensus on Monday regarding a code of conduct for companies engaged in the development of advanced artificial intelligence systems, as per a report by Reuters. This significant development, as outlined in a G7 document, underscores the collective efforts of governments to address the potential risks and misuse associated with this technology. The voluntary code of conduct represents a significant milestone in shaping the way major nations regulate artificial intelligence, particularly in light of growing concerns surrounding privacy and security, according to information obtained by Reuters. In May, the leaders of the Group of Seven (G7) nations, which consist of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, along with representation from the European Union, initiated the process. This effort, referred to as the “Hiroshima AI process,” marked the beginning of discussions on artificial intelligence regulation. The 11-point code of conduct has a primary objective of promoting the worldwide adoption of safe, secure, and trustworthy AI. It is designed to offer voluntary guidance for organizations involved in the development of the most advanced AI systems, including foundational models and generative AI systems, as detailed in the G7 document. It “is meant to help seize the benefits and address the risks and challenges brought by these technologies”. The code urges companies to take appropriate measures to identify, evaluate and mitigate risks across the AI lifecycle, as well as tackle incidents and patterns of misuse after AI products have been placed on the market. Companies should post public reports on the capabilities, limitations and the use and misuse of AI systems, and also invest in robust security controls. The EU has been at the forefront of regulating the emerging technology with its hard-hitting AI Act, while Japan, the United States and countries in Southeast Asia have taken a more hands-off approach than the bloc to boost economic growth. European Commission digital chief Vera Jourova, speaking at a forum on internet governance in Kyoto, Japan earlier this month, said that a Code of Conduct was a strong basis to ensure safety and that it would act as a bridge until regulation is in place. (With input from agencies)