G7 member states are looking to pass laws to protect competition in the artificial intelligence market

G7 antitrust authorities have announced plans to take tough measures to protect competition in the artificial intelligence market. It is said that the purpose of this plan is to prevent the use of artificial intelligence to facilitate the collusion of companies and the formation of monopoly.

According to Cointelegraph, the officials, who gathered for a two-day summit in Rome, Italy, announced in a statement that they will reduce the “competitive bottlenecks” that prevent new AI companies from entering the competition market. According to these officials, large companies are always ahead of the competition in terms of access to productive artificial intelligence tools, information and specialized chips.

Tech giants can use AI to create new monopolies

In fact, European authorities are concerned that artificial intelligence will create a new type of market monopoly and facilitate collusion between tech giants. The group, made up of officials from the United States, the United Kingdom, Japan, Canada, France, Germany and Italy, is also focused on the negative impact of artificial intelligence on issues such as copyright, consumer protection, privacy and data protection.

The group’s statement reads:

“Generative AI systems can harm content creators and innovators and reduce their revenue. Also, these systems can stifle human creativity and innovation.”

According to the regulators, keeping pace with the advancements of artificial intelligence, developing laws and strengthening international cooperation are the 3 responsibilities that will help them achieve better results in the artificial intelligence markets. A set of “guiding principles” have also been developed to ensure that AI markets are open and fair, including fair competition, fair access and opportunity, choice, interoperability, innovation, transparency and accountability.

The Group of 7, or G7, is an informal bloc of democratic and industrialized nations that meet annually to discuss a wide range of issues, from global economic governance and international security to emerging issues such as artificial intelligence markets.