G7 Authorities Vow to Enforce Competition Laws in AI Markets

Competition authorities and policymakers have a role in addressing competitive threats in artificial intelligence-related technologies, products and applications, the Federal Trade Commission and the Department of Justice’s Antitrust Division said in Friday (Oct. 4) press releases about their participation in the G7 Competition Authorities and Policymakers Summit.

Following the summit hosted in Rome by the Italian Competition Authority, FTC Chair Lina M. Khan was among the representatives of these authorities and policymakers who issued a communique highlighting potential competition concerns and identifying guiding principles to ensure fair competition in AI markets, according to the FTC’s press release.

Potential competition concerns include concentrated market power in AI-related markets and possible collusion or improper information sharing using AI technologies, the release said.

To ensure open and fair competition in these markets, G7 competition authorities and policymakers are working to provide vigilance and timely enforcement, per the release.

The DOJ’s Antitrust Division’s participation in the summit was led by Principal Deputy Assistant Attorney General Doha Mekki, according to the DOJ press release.

“Sharing the United States’ experiences and perspectives and reflecting on best practices alongside international enforcers helps us better apply the U.S. antitrust laws to unlock economic opportunity for the American people,” Mekki said in the release.

Looking ahead to the next steps, the communique said the G7 competition authorities and policymakers will continue to share knowledge and experiences related to policy approaches, technologies, laws, regulations and other regulatory tools, and enforcement actions.

“Also, we remain committed to timely and relevant enforcement and regulatory action, as appropriate, to protect competition in digital markets in each of our economies,” the communique said.

It was reported in June that the FTC and DOJ were gearing up to unleash their antitrust hounds on tech behemoths driving AI innovation.

The regulators aim to investigate whether the dominance of these companies is squeezing competition in the industry.

In September, it was reported that the DOJ contacted Nvidia — which owns more than 80% of the AI chip market — to discuss the terms of its contracts and partnerships.

For all PYMNTS AI coverage, subscribe to the daily AI Newsletter.

The post G7 Authorities Vow to Enforce Competition Laws in AI Markets appeared first on PYMNTS.com.