The European Commission, UK Competition and Markets Authority (CMA), US Federal Trade Commission, and US Department of Justice have collectively endorsed a statement emphasizing the potential of AI to drive innovation and positive change while acknowledging the risks it poses to competition and consumers.

The agencies have identified fair dealing, interoperability, and choice as crucial principles to uphold competition, protect consumers, and foster innovation in the AI sector. They have also committed to sharing insights on global market issues and utilizing their powers to address competition risks associated with AI foundation models.

CMA's Chief Executive, Sarah Cardell, highlighted AI's borderless nature and its capacity to fuel growth and innovation worldwide. The collaborative effort aims to ensure fair and effective competition in AI, promoting societal benefits and economic progress.

The joint statement represents a milestone in the CMA's initiatives concerning AI foundation models, building upon the agency's earlier publication of six guiding principles for supporting competition and consumer welfare in the AI landscape.