One legislator leading the AI Act said EU parliamentarians want to agree on draught artificial intelligence guidelines next month and reach a settlement with EU governments by the end of the year.

To promote innovation and establish a global standard for technology used in self-driving vehicles, chatbots, and automated factories now dominated by China and the US, the European Commission proposed AI standards in 2021.

Dragos Tudorache, a member of the European Parliament and co-rapporteur of the EU AI Act, told Reuters that "we are still in fantastic time to fulfil the overarching purpose and schedule that we imagined from the very beginning, which is to wrap it up during this term."

It took a little longer than I anticipated, he said. The complexity of this text is considerably more than that of ordinary Brussels sophisticated equipment.

Legislators and consumer advocacy groups have criticised the proposed legislation for not adequately addressing concerns about AI systems, but the firms involved have cautioned that harsher regulations could impede innovation.

Due to the intense debate regarding AI management, many analysts believed that the drafted law would stall.

"All political families have loose ends. I told them in our last conversation that a compromise works when everyone is unsatisfied." Some say this is too optimistic... I'm optimistic.

The notion of "General Purpose AI," which some argue should be deemed high risk while others refer to the dangers posed by popular chatbot ChatGPT as an area that needs more regulatory attention, is one of the debate points.

He noted that legislators were trying to define what makes general-purpose AI unique. He predicted that ChatGPT and other general-purpose machines would rapidly advance this year.

ChatGPT can produce articles, essays, jokes, and even poetry in response to instructions. In November, Microsoft Corp.-backed startup OpenAI made it freely accessible to the general public.

According to EU industry director Thierry Breton, new artificial intelligence standards that have been proposed are intended to address concerns about the risks associated with ChatGPT.

Opponents of regulatory overreach said it would raise costs and put more tremendous pressure on firms to comply, inhibiting innovation.

If it happens, we've failed badly. Tudorache added that we've failed if that happens.