Researchers estimate that the digital economy is growing at a much faster rate than previously estimated and could contribute USD 15.7 trillion to the global economy by 2030. This growth has encouraged many governments to focus their attention on introducing policy programmes, technology development initiatives and strategies to unlock the true potential of the Fourth global manufacturing & industrialisation revolution technologies, particularly Artificial Intelligence (AI), in the coming years.

In 2017, the UAE Government launched the ‘UAE Strategy for Artificial Intelligence (AI)’, the first strategy of its kind, focused on investing in the latest AI technologies and global manufacturing innovations across different areas, including transport, healthcare and renewable energy. Specifically, the UAE’s AI Strategy aims to adopt AI tools and solutions to boost government performance at all levels, develop integrated digital systems to provide efficient solutions, and make UAE the first in AI investments in a wide range of sectors.

 

 

Meanwhile, the same year, China launched the ‘New Generation Artificial Intelligence Development Plan’, outlining the country’s aims to become the world leader in AI by 2030, monetise AI into a trillion-yuan (USD 150 billion) industry, and define ethical norms and standards for AI. In 2020, the United States launched the  ‘American Artificial Intelligence Initiative’ with the aim of doubling investments in AI research, enhancing national security and forging global alliances of AI, among other goals. The same year, the European Union (EU) published a Whitepaper on AI on ways to ramp AI investment and deployment. The artificial intelligence summit is also proposed to be held in October 2021. It will be the most accessible and most empowering Artificial Intelligence summit for businesses, governments, and social enterprises.

 

 

As a result of the rapid adoption of AI and its wide-ranging implications, policymakers across the world are now drafting frameworks and regulations to protect technology users and developers from the potential risks of cybercrime, data breach or misuse.

 

 

 

The European Union’s AI Framework

 

 

The latest piece of legislation addressing AI has been proposed by the European Commission, outlining the first-ever regulatory framework for AI. Mandated by the European Artificial Intelligence Board, the legislation bans AI systems that could cause “physical or psychological” harm by exploiting vulnerabilities of a “specific group of persons due to their age, physical or mental disability.” It also prohibits public authorities from using AI systems that utilise social scoring or real-time remote biometric identification systems for law enforcement purposes.

 

 

Additionally, the legislation mandates a post-market monitoring system to detect problems when an AI system is in use so that users can take steps to mitigate them. Furthermore, the legislation covers providers and users of AI systems in the EU as well as companies without a market presence in the EU that use AI systems to process data about EU citizens. As a result, the legislation aims to ensure the ethical use of a technology that is likely to redefine how the world works.

 

 

Whilst the proposed legislation is a good start, critics say it pays little attention to algorithmic fairness and also cite a lack of clarity and transparency of internal processes. In addition, the regulation does not focus on Big Tech corporations in any detail despite the widespread adoption of AI in this area. The legislation also does not treat the algorithms used in social media, search, online retailing, app stores, mobile apps or mobile operating systems as high-risk areas, which leaves a very large area of AI utilisation uncovered.

 

 

Crucially, AI frameworks and legislations across the world vary in contents and focus areas, which means there is a lack of global consensus on how to govern the fast-expanding AI landscape. For instance, in the United States, the Trump administration issued instructions not to overregulate AI. The Biden administration is likely to maintain this decentralised approach, in direct contrast to the aim of the new EU framework.

 

 

As nations across the world race to lead the digital revolution, technology is evolving faster than regulations can keep up. Without ensuring robust and well-thought-out frameworks for governance standards and systems, governments, businesses and citizens of the world would be at risk in the near future. The latest regulatory framework set out by the EU marks an important step in the dialogue on how to nurture the potential of AI technology. AI is not limited to robotics, it brings innovation in the global manufacturing sector and strengthens the industrial revolution. However, to fully unlock the potential of this technology and ensure it benefits and is accessible to billions of potential users, the approach to governance must be consistent, uniform and internationally cohesive.