The G7 has agreed to work towards the adoption of interoperable regulatory and technical standards for AI. They stressed the importance of international discussions on AI governance, noting the need for interoperability between AI governance frameworks. The group recognized the opportunities and challenges of generative AI and shared a “common vision and goal of trustworthy AI.” The G7 leaders committed to work on shared technical standards and set up an AI working group to discuss how to safeguard intellectual property rights, promote transparency, and protect against disinformation. This follows news that the EU has moved one step closer to passing dedicated AI regulations. The EU adopted a draft negotiating mandate for the AI Bill, seeking to expand citizens’ rights to contest decisions made by AI and demand transparency of AI systems.
US President Biden commented on budget negotiations at the G7 Summit, stating the spending proposal between the Republican Party through a bipartisan proposal had not been confirmed. He called the Republican proposal “simply unacceptable” and stated he would not agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistants at risk. No bipartisan agreement has been confirmed, and it appears evident that the President has no plans to outline any spending benefits that protect or benefit the crypto sector.