The surge in generative artificial intelligence (AI) tools, such as ChatGPT, has sparked a series of collaborative initiatives among regulators who are seeking to keep up with the rapid advancement of AI systems. Carisa Nietsche and Camille Ford explain that the European Union (EU), G7, United States, and United Kingdom have announced various initiatives aimed at establishing governance regimes and guidelines for the use of this technology. One notable announcement came from EU Executive Vice-President Margrethe Vestager, who revealed plans for a forthcoming U. S. -EU "AI Code of Conduct" at the Fourth Trade and Technology Council (TTC) Ministerial in Sweden. This joint initiative intends to develop a set of voluntary commitments for businesses to adopt, bridging regulatory gaps and paving the way for global AI governance. The Code of Conduct seeks to create non-binding international standards for companies developing AI systems, with the eventual inclusion of other countries, such as Indonesia and India, and presentation before the G7. However, there are still unanswered questions regarding the Code's scope and potential monitoring or enforcement mechanisms. Alongside other deliverables emerging from the U. S. -EU Joint AI Roadmap, the AI Code of Conduct signifies progress towards a transatlantic pillar of global AI governance. Its approach allows for a broader range of multilateral actors, including the private sector, and avoids regulatory alignment issues. With the rise of powerful generative AI models like ChatGPT and Midjourney AI, which can generate highly realistic content, there are significant implications for the creative sector and human society as a whole. Historically, the U. S. and the EU have struggled to propose joint transatlantic initiatives in technology policy due to differing regulatory approaches. The U. S. relies on existing legal remedies to incentivize safe product development, prioritizing a sector-specific AI risk management approach that balances innovation and regulation. Whereas, the EU takes a sweeping, horizontal approach to AI regulation with the AI Act, aiming to cover a wide risk spectrum. These contrasting approaches make alignment difficult.

However, the voluntary AI Code of Conduct allows the EU and U. S. to capitalize on areas of consensus, such as prioritizing trustworthy AI, adopting a risk-based approach to AI systems, and emphasizing the importance of international standards in global AI governance. This approach promotes a foundation for global AI governance that respects their regulatory frameworks and accommodates private sector involvement crucial for meaningful implementation of AI regulation. Both the EU and the U. S. have recently engaged closely with the private sector, securing commitments towards safe and transparent AI development. The Code of Conduct also creates opportunities for various allies and partners to join these efforts. It is designed to have transatlantic roots and multilateral ambitions, with the goal of linking it to the G7 Hiroshima AI Process, a forum dedicated to generative AI discussions. While the exact scope of the Code remains uncertain, the Hiroshima AI Process could serve as an avenue for presenting the Code of Conduct to G7 partners for adoption and dissemination among businesses globally. Although the EU-U. S. AI Code of Conduct is currently narrow in scope and in its early stages, it represents an important initial step towards establishing rules for the development of AI systems among democratic nations. Given the rapid pace of AI advancement, both the U. S. and EU need interim measures while working on comprehensive regulations that can withstand future challenges. To ensure effective global AI governance, democracies, alongside private sector partners, must collaboratively shape the way forward. While the Code of Conduct is not a complete solution, it serves as an initial building block for transatlantic partners to influence global AI governance.