Sixteen companies at the forefront of developing artificial intelligence (AI) pledged on Tuesday at a global meeting to develop the technology safely at a time when regulators are scrambling to keep up with rapid innovation and emerging risks.

The companies included U.S. leaders Google, Meta, Microsoft and OpenAI, as well as firms from China, South Korea and the United Arab Emirates.

They were backed by a broader declaration from the Group of Seven (G7) major economies, the EU, Singapore, Australia and South Korea at a virtual meeting hosted by British Prime Minister Rishi Sunak and South Korean President Yoon Suk-yeol.