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EU lawmakers move to finalizing AI Act - Implications

The European Union (EU) is moving closer to resolving contentious issues to reach a consensus on the AI Act, which is likely to be one of the most comprehensive legislations to regulate the sale and use of AI.

The talks between 27 European Union member states, the European Commission, and the European Parliament continue for the third day in a row to resolve the controversial issues in the legislation.

As the use of genertive AI continues to grow, it is imperative for lawmakers to expedite the process of regulating AI. The EU policymakers are keen to get the law passed before the EU parliamentary elections in June 2024.

“The EU AI Act would have implications for the innovation and competitiveness of the EU in the field of AI, as well as for the protection of fundamental rights and values of the EU citizens and residents,” said Tejasvi Addagada, senior vice president and head of enterprise data management at HDFC Bank. “It could foster trust, legal certainty, and ethical standards for the development and use of AI, which could enhance the social acceptance and uptake of AI solutions.” 

On the other hand, according to Addagada, the EU AI Act could impose additional costs, burdens, and barriers for the providers and users of AI, which could hamper the innovation and competitiveness of the EU in the global AI landscape.

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