May 31 — In the United States and Europe, government leaders are drawing up a voluntary code of conduct for artificial intelligence. A draft is expected to emerge within weeks. Officials drafting the voluntary AI code of conduct are expected to seek input from industry players.

The voluntary code is expected to bridge key gaps while the 27-nation EU works on more in-depth AI rules. Because the latter would not take effect for at least three years, a voluntary code of conduct would assuage some concerns in the short-term.

Will AI giants comply?

Silicon Valley isn’t exactly known for rule-following, especially voluntarily. Whether or not AI giants will agree to abide by voluntary code of conduct standards remains to be seen, although the industry will receive encouragement from law-makers. 

The EU is arguably ahead of the regulatory curve, as it already has draft regulatory legislation, begun in 2021, in progress. But that legislation is still winding its way through the bloc’s co-legislative process, meaning that there is no immediate prospect of applying those rules to artificial intelligence.

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Many consider AI a transformative technology that holds immense promise. At this years Trade and Technology Council, hosted in the northern Swedish city of Lulea, leaders noted that AI could “increase prosperity and equity.” However, in order to seize the opportunities that AI offers, it’s critical that global leaders attempt to mitigate risk.

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