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EU member states and legislators reach preliminary agreement on simplified AI regulations
Golden Finance reported that on May 7, representatives from EU member states and members of the European Parliament reached agreement on Thursday on a simplified milestone artificial intelligence (AI) regulation, which includes a delay in implementation. Critics believe that this move shows Europe is making concessions to tech giants. The preliminary agreement was reached after nine hours of negotiations, and formal approval from EU member state governments and the European Parliament is still required within the coming months. “The agreement reached today on the Artificial Intelligence Act will, by reducing repetitive administrative costs, provide strong support for businesses,” said Marilena Raouna, Deputy Minister for European Affairs of Cyprus, in a statement. Cyprus currently holds the rotating presidency of the EU. The act will enter into force in August 2024. Its core provisions were originally planned to be implemented in phases, and this revision is part of the European Commission’s push to simplify a series of digital regulations. The move to simplify stems from complaints from businesses that overlapping regulatory rules and red tape have weakened their ability to compete with their rivals in the United States and Asia. (East New News)