G7 ministers agree to align AI rules and secure vital supply chains, including semiconductors

Industry ministers from the Group of Seven (G7) advanced economies agreed on 14 March to align regulations for AI development and strengthen supply chains in critical areas such as semiconductors, the Italian presidency says.

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During their meeting on 14 March 2024, in Verona, Italy, the Group of Seven (G7) industry ministers agreed to cooperate on AI and supply chains, particularly in the semiconductor sector.

This year, Italy intends to use its G7 presidency to focus on the impact of AI on jobs and inequality while also establishing safeguards for the development of technology.

Why does it matter?

With a priority on small and medium-sized enterprises, the agreement includes aligning rules for AI development, securing supply chains in key sectors, and promoting joint investment in AI.
Additionally, the G7 industry ministers decided to create a permanent working group to study ways to address policies aimed at increasing domestic production of semiconductors.
In light of recent geopolitical tensions and to ensure ‘strategic independence,’ Italian industry minister Adolfo Urso confirmed that ‘the G7 will cooperate on semiconductors with the European Commission, in order to safeguard our economy and our industries.’