The Competition Bureau Canada is defined to be an an independent law enforcement agency. This is an agency that protects and promotes competition for the benefit of Canadian consumers and various businesses. The competition also drives lower prices and strong innovation while fueling the spirit of economic growth.
Competition Bureau Canada: Canada Summit 2024
The Competition Bureau Canada and the SUMMIT are where the best minds in payments come together. This is important in order to discuss and collaborate on a wide range of subjects from multiple perspectives. Various session formats and networking opportunities will be available. This will be good in empowering the attendees to tailor their ideal conference experience. Plus, several Payments Canada speakers, along with various international experts and thought leaders in payments, was featured throughout The SUMMIT programming.
Competition Bureau in Canada Notes on Artificial Intelligence
The Competition Bureau Canada stated that a lot has changed since last year’s Summit: AI has become even more mainstream. This is because it is no longer a niche topic as AI and related technologies are present in many parts of our lives. It has impacted work and many other sectors of the economy. Thus, AI has many potential uses and it brings opportunities to improve productivity and innovation. However, it comes with a lot of risks to competition and consumers too.
People are increasingly aware of these risks in Canada and everywhere. The Edelman Trust Barometer is a survey and it measures trust in 28 countries. Canada too falls among these 28 countries.
Competition Bureau in Canada: People’s Opinion on AI as an Innovation
Last November, people from around the world were summoned and asked about how they felt about AI as an innovation:
- 35% expressed hesitancy or resistance.
- And 59% believed that government regulators lack adequate understanding of emerging technologies to effectively regulate them.
This response means that globally, competition regulators face a double whammy. This is the rapid expansion and adoption of AI, plus the perception of not understanding things. This is why Competition Bureau Canada authorities need to be at the forefront of AI and that’s what it is striving for. Plus, the Competition Bureau Canada is always on the look out for new technologies. This includes the likes of AI which is changing our economic reality. This helps us to promote and protect competition, even as the technology evolves.
What has Changed Since Last Year’s Competition Bureau in Canada Summit 24?
The Competition Bureau Canada has brought many changes forward. On the legislative front, Canada now has stronger competition laws. This is seen both in digital and traditional markets. Plus, the federal government made historic amendments to Canada’s competition laws. These changes will effectively allow for stronger enforcement actions against anti-competitive mergers, abuses of market power, price-fixing cartels and deceptive marketing.
Thus, it is a major win for Canada’s economy. This is because Study after study has shown that competition stimulates innovation. It also stimulates a whole lot of productivity, and economic performance. A lot of people benefit from competitive markets, including AI. All levels of government in Canada must prioritize competition because last year’s Summit about a whole-of-government approach to competition rings true more than ever today.
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On the operational front, the Digital Enforcement and Intelligence Branch is touching growth. This was launched in 2021 to help modernize our approach to competition law enforcement. The Branch also includes a data and analytics team, design thinking practitioners, technology analysts, behavioural economists and intelligence analysts. On the collaborative front, the leveraging of a new intra-governmental partnership is being put forward to work more closely than ever with competition agencies across the globe.
What were the Key Discussions on Canada Summit 2024?
The first theme was the impact of AI on small and medium-sized businesses. Some submissions were optimistic that AI could help level the playing field. This is good as it will allow the smaller businesses to better compete. AI could also help businesses overcome financial constraints by automating and optimizing processes.
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On the other hand, concerns regarding smaller firms are high. This is because they may have a harder time accessing the data. Plus, the technology and the talent needed for AI development touches the topic of concern too. This is especially true in markets where certain huge technology firms have existing infrastructure and access to large quantities of data. Plus, when some tech giants hold so much control, competition is at risk.
The second theme relates to the policy and legislation. The submissions emphasized on how AI is a major driver of innovation. They also highlighted that to foster AI innovation in Canada and the need of both competition and a good legislation. The submissions also highlighted a need for transparency in AI systems. AI systems are often known to be a black box as one does not know how they make their decisions. Thus, transparency would allow us to see the black box and understand how these systems work.
The third theme is that AI markets are unique. This is because the submissions pointed out that AI markets are not like other digital markets. This indicates that partnerships and investments are more common in the AI world. Plus, the marginal costs are higher and this implies that AI can apply to an especially wide range of sectors.
The fourth theme is concern about the potential uses of AI, namely
- algorithmic pricing – this is when companies use data to train their algorithms to maximize profits by charging the highest possible accepted price;
- algorithmic collusion – where companies fix prices through algorithms; and lastly
- deepfakes – digitally altered or created voices, images, or videos to deceive consumers.
Thus, this is all you should know about the Canada Summit 24. This year’s Summit has brought forward with it many changes that is beneficial in the long run. Thus, go forward with it and welcome the changes as per it is required.
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