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From chatbots and robots to facial recognition and autonomous vehicles, Artificial Intelligence (AI) applications affect the way people interact, how businesses conduct transactions, and how governments deliver public services. While the gains in productivity and innovation from AI could be significant, there are also risks that can amplify existing bias, discrimination, and inequality. At the rapid pace of innovation, there is an urgent need for policymakers to understand the technology and its implications to ensure inclusive and equitable distribution of its benefits and mitigation of risks.