Over 100 technology companies, including major Indian players like Tata Consultancy Services (TCS), Infosys, and Wipro, along with global giants such as Google, Microsoft, and Amazon, have pledged early compliance with the European Union’s (EU) new AI regulations, which took effect on August 1. This commitment is part of the recently introduced AI Pact.
What is the AI Pact?
The AI Pact is a voluntary initiative designed to help organizations prepare for the implementation of the EU’s AI Act. While some aspects of the AI Act are already in force, stricter regulations for “high-risk” AI systems will only be applied in August 2027 after a transitional phase. The European Commission launched the AI Pact in November 2023, receiving interest from over 550 organizations from various industries, countries, and sectors.
Purpose of the AI Pact
The AI Pact promotes responsible AI development by encouraging companies to take proactive measures before the full application of the AI Act. It focuses on fostering AI governance, identifying high-risk AI systems, and raising awareness about AI among employees. Additionally, companies are encouraged to tailor their efforts based on their activities, such as ensuring human oversight of AI processes, managing potential risks, and transparently labeling AI-generated content like deepfakes.
Recently, the European Commission gathered industry leaders in Brussels to honor the first signatories of the AI Pact, which includes more than 100 companies from different sectors, such as IT, healthcare, and finance. However, some notable companies, including Meta (formerly Facebook) and Apple, have not signed the agreement. OpenAI, the company behind ChatGPT, has signed the pact despite previously suggesting it might cease operations in the EU due to future AI regulations.
