The G7 countries have developed a voluntary code of conduct for companies developing advanced artificial intelligence systems to address privacy and security concerns. This code sets guidelines for organizations to promote safe and trustworthy AI, urging them to identify and mitigate risks, address incidents and misuse, and provide reports on AI capabilities and limitations. Countries like the EU have taken a regulatory approach to AI governance while others like the US and Japan prefer less oversight to encourage economic growth from the technology. The G7 agreement aims to set a global standard for responsible AI development through voluntary industry guidelines.