European Union: Issued US-EU Trade and Technology Council joint statement including Draft report on Terminology and Taxonomy for AI and mapped

On 31 May 2023, the United States and the European Union, following the fourth ministerial meeting of the Trade and Technology Council (TTC), reaffirmed their commitment to continue and enhance their cooperation regarding technological and digital transformation, including Artificial Intelligence (AI). The collaboration, facilitated by the Trade and Technology Council (TTC), aims to align AI's conceptual frameworks and terminology, to address its risks and maximise its benefits. The parties stated that promoting a common standard for Trustworthy AI can foster innovation and reduce administrative burdens. Following the adoption of the Joint Roadmap on Evaluation and Measurement Tools for Trustworthy AI and Risk Management, the working groups issued the Terminology and Taxonomy for AI, which includes 65 key AI terms regarding risk-based approaches to AI providing the US and EU legal interpretations. Furthermore, the working group published a report that maps the EU and US involvement in standardisation activities for AI.