US, European regulators sign joint statement on effective AI competition

(Reuters) -Regulators in the United States, European Union and Britain have signed a joint statement to ensure effective competition in the artificial intelligence space, setting out principles to protect consumers.

Generative AI has rapidly evolved in recent years and the "technological inflection points" could introduce new means of competing, catalyzing opportunity, innovation and growth, the statement said.

The watchdogs, which include the European Commission, the UK's Competition and Markets Authority, the U.S. Department of Justice and the U.S. Federal Trade Commission, said they plan to safeguard against tactics that could undermine fair competition.

"Guided by our respective laws, we will work to ensure effective competition and the fair and honest treatment of consumers and businesses," they said.

The common principles set out include fair dealing and prevention of exclusionary tactics as well as closer scrutiny of investments and partnerships between incumbents and newcomers.

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Krishna Chandra Eluri)