During a press conference following the EU-US Trade and Technology Council meeting, Margrethe Vestager, the European Union's top tech official and vice president of the European Commission, called for establishing a code of conduct for the AI industry.

The urgency of the situation, according to Vestager, stems from the fact that AI is progressing at astonishing speeds and proposed regulations lag behind. She cautioned that regulations must keep up with these advancements to avoid any potential risks or ethical concerns associated with AI deployment. Vestager's call for the implementation of a code of conduct reflects her belief that immediate action is needed to foster public trust in the ongoing development of AI technologies.

Vestager highlighted the transformative nature of generative AI, referring to it as a 'complete game-changer'. She suggested that a draft code of conduct for generative AI will be ready within the next few weeks, with a final proposal for industry adoption to follow shortly thereafter.

Recognizing the global impact of AI development, Vestager is pushing for the EU and the USA to take the lead in creating a code of conduct that would make everyone more comfortable with the trajectory of AI development.

The development of a code of conduct aligns with the G7 nations' call for the creation of technical standards to keep AI trustworthy.