G7 economies to agree on AI guiding principles for companies (NASDAQ:GOOG)

The Group of Seven industrial nations will agree to a code of conduct for companies building advanced artificial intelligence systems, Reuters reported citing a G7 document.

The move comes amid governments seeking ways to mitigate the risks and potential misuse of AI. The voluntary code of conduct will establish a landmark for how major countries govern the technology, the report added.

The G7 economies — which consists of the U.S., U.K., Canada, France, Germany, Italy, Japan, and plus one the EU — had started the process in May at a ministerial forum called the “Hiroshima AI process,” the report noted.

The 11-point code “aims to promote safe, secure, and trustworthy AI worldwide and will provide voluntary guidance for actions by organizations developing the most advanced AI systems, including the most advanced foundation models and generative AI systems”, the report added citing the G7 document.

The code also aims to helps seize the benefits and address the potential risks from the technology. The code requests companies to take measures to detect, evaluate and mitigate risks in the AI lifecycle, and tackle incidents of misuse after the AI products have been launched in the market, according to the report.

The companies are also urged to post public reports on the capabilities, limits, use and any misuse of the AI products, and also invest in security measures.

Regarding governing AI, the EU has previously pushed for a tougher stance while, Japan has looked at more easier approach, closer to what the U.S. has to strengthen economic growth. The Southeast Asian nations have also gone for a more business-friendly approach to AI.

China is also expected to launch an initiative to govern AI from multiple angles, differing from the U.S. approach.

The U.N. Security Council had held its first formal meeting in July to discuss risks of security and misinformation posed by the use of AI. In same month, July, several tech giants, including Amazon (AMZN), Google’s parent Alphabet (NASDAQ:GOOG) (GOOGL), Meta Platforms (NASDAQ:META) and Microsoft (NASDAQ:MSFT) made voluntary commitments to the White House to implement certain measures for the safe use of AI.

Generative AI services have become the talk of the town since the launch of Microsoft-backed OpenAI’s ChatGPT last year. Globally, companies have launched their own large language models, or LLMs, which can provide services such as content and image generation, to name a few.

Alibaba’s (BABA) Tongyi Qianwen and Tongyi Wanxiang, Baidu’s (BIDU) Ernie Bot, OpenAI’s DALL·E 3, Meta’s (META) AudioCraft, SeamlessM4T, and Llama 2, Google’s Bard, and Getty Images’ (GETY) model called Generative AI by Getty Images, are some of them.