Today, the Competition Bureau published a report highlighting the key takeaways from "Canada's Competition Summit 2024: Market Dynamics in the AI Era," which took place in Ottawa and virtually on September 16, 2024.
The event featured experts from domestic and international competition authorities, regulatory bodies, businesses and non-governmental organizations, as well as the legal and academic communities. The discussions focused on:
- the current AI landscape;
- the impacts of AI on competition across markets; and,
- international and domestic regulatory approaches to AI.
The report published today summarizes 5 key takeaways from these discussions:
- AI is having an impact on competition across sectors of the economy, presenting both opportunities and risks.
- Regulatory frameworks need to adapt to address the unique challenges posed by AI.
- International cooperation is crucial for effective regulation and enforcement in AI-driven markets.
- There is a need for transparency in AI systems to ensure accountability and consumer trust.
- The role of big tech in AI development is contentious.
The Bureau thanks all attendees, panelists and speakers, who helped advance the conversation on these emerging issues related to AI. We look forward to continuing to discuss competition policy issues and opportunities at Competition Summits in the years to come.
