😲Major Milestone in AI Regulation

US, EU, and UK to sign world's first 'legally binding' international AI treaty

Key Points 

• The Framework Convention on AI aims to standardize global AI regulations and uphold human rights.

• As the first legally binding AI treaty, it holds signatories accountable for AI-related harm and ensures respect for privacy and equality.

• The treaty mentions compliance monitoring but currently lacks penalties, such as fines, for violations.

♨️News - The world is nearing a unified approach to artificial intelligence, following a meeting of Council of Europe justice ministers. The United States, European Union, and United Kingdom are expected to sign the Framework Convention on AI on September 5th.

This treaty, which was drafted two years ago with input from over 50 countries, including Canada, Israel, Japan, and Australia, addresses the use of AI systems in both the public and private sectors and will be applicable globally.

🤓Why this matters - The treaty places human rights and democratic values at the forefront of regulating AI models in both the public and private sectors.

As the world's first legally binding treaty on AI, it ensures that signatory countries are held accountable for any harm or discrimination caused by AI systems. 

Additionally, it mandates that AI outputs respect citizens' equality and privacy rights, providing legal avenues for those affected by AI-related violations.

📔See also - It's important to note that while the treaty does mention monitoring for compliance, there are currently no penalties like fines in place for violations.

Australia's push for stronger AI rules explained

Key Points 

• Australia has introduced new AI guidelines focusing on human oversight and transparency due to rapid AI adoption.

• Existing voluntary AI principles from 2019 are deemed inadequate, prompting a push for mandatory rules in high-risk cases.

🌏News - Australia's centre-left government announced on Thursday its intention to implement specific artificial intelligence regulations focused on human oversight and transparency, given the swift adoption of AI by businesses and in daily life. 

Industry and Science Minister Ed Husic introduced 10 new voluntary AI guidelines and stated that the government is seeking feedback for a month on potentially making these rules mandatory for high-risk situations in the future.

🤔Why this change? Australia currently lacks specific AI regulations but introduced eight voluntary principles for its responsible use in 2019. A recent government report indicated these measures are insufficient for addressing high-risk situations. In line with this, Husic remarked that self-regulation is no longer sufficient and noted that only a third of businesses using AI are adhering to responsible practices related to safety, fairness, accountability, and transparency.