As artificial intelligence continues to develop at speed, the European Commission, the UK Competition and Markets Authority (CMA), the US Federal Trade Commission and US Department of Justice have signed a joint statement setting out shared principles to protect competition and consumers.
The statement affirms their shared view that AI, particularly powerful foundation models, has the potential to spur innovation and growth, and to bring about transformational positive change for the way we live and work. The statement also recognises that these technologies may pose some risks to competition and consumers which, if they materialise, will require action before they become entrenched or irreversible harms.
The agencies have set out fair dealing, interoperability, and choice as key principles to support competition, protect consumers and help businesses to innovate and thrive. Recognising the global nature of these markets, they have also agreed to share an understanding of the issues arising in these markets. Agencies will use their respective powers to address potential risks to competition posed by AI foundation models - such as concentrating control of key inputs needed to develop the technology and the potential for firms to entrench or extend their market power in AI related markets.
Sarah Cardell, CMA Chief Executive, said:
AI is a borderless technology which has the potential to drive innovation and growth, delivering transformative benefits for people, businesses, and economies around the world. That's why we've come together with our EU and US partners to set out our commitment to help ensure fair, open and effective competition in AI drives growth and positive change for our societies.
The statement marks the latest step in the CMA's work on AI foundation models. In April 2024, the CMA published an update which set out six principles to support competition and consumer protection as AI foundation models continue to be developed and deployed.
Notes:
- The full text of the statement has been published on the CMA's website.
- The statement signed by the CMA does not alter its merger review process in relation to its AI partnership cases.
