The competition authorities of the EU, UK and US have adopted a Joint Statement on Competition in Generative AI Foundation Models and AI Products. The Join Statement highlights the commitment of the competition authorities to cooperate in order to address any risks in relation to the development of AI technologies. These risks include the concentrated control of key inputs, the entrenchment of market power in AI-related markets, and arrangements between firms that might amplify the aforementioned risks. The Statement provides that principles such as fostering dair dealing, interoperability, and choice for businesses and consumers may aid mitigating risks to the development of AI. The competition authorities agree to address further competition risks that arise as new AI technologies arise, as well as consumer protection threats. The Statement aims to maximize the opportunities and innovation that these technologies could provide, if effective compeittion and fair treatment of consumers is ensured.