G7 countries agree to artificial intelligence code of conduct for companies

The Group of Seven (G7), a coalition of seven industrial nations, is set to agree on a code of conduct for companies developing advanced artificial intelligence (AI) systems. This information was revealed in a G7 document. The code of conduct is voluntary and is aimed at mitigating the risks and potential misuse of AI technology. The G7 nations, which include Canada, France, Germany, Italy, Japan, Britain, and the United States, along with the European Union, initiated this process in May at a ministerial forum known as the 'Hiroshima AI process'.

The 11-point code of conduct is designed to promote safe, secure, and trustworthy AI worldwide. It provides voluntary guidance for organisations developing the most advanced AI systems. The code is intended to help harness the benefits of AI technology while addressing the risks and challenges it presents. It encourages companies to take appropriate measures to identify, evaluate and mitigate risks throughout the AI life cycle. It also calls for addressing incidents and patterns of misuse after AI products have been launched in the market.

Companies are urged to publish public reports detailing the capabilities, limitations, and the use and misuse of AI systems. They are also encouraged to invest in robust security controls. The European Union has been at the forefront of regulating AI technology with its stringent AI Act. Meanwhile, Japan, the United States, and countries in Southeast Asia have adopted a more laissez-faire approach to stimulate economic growth. Vera Jourova, the European Commission's digital chief, stated at a forum on internet governance in Kyoto, Japan, that the Code of Conduct serves as a strong foundation for ensuring safety until formal regulation is established.