In a joint statement released by the White House and the European Commission, the two sides called AI a "transformative technology with great promise for our people, offering opportunities to increase prosperity and equity."
"But in order to seize the opportunities it presents, we must mitigate its risks," it said.
It added that experts from the two sides would work on "cooperation on AI standards and tools for trustworthy AI and risk management."
After talks with E.U. officials in Sweden, U.S. Secretary of State Antony Blinken told reporters that Western partners felt the "fierce urgency" to act and would ask "like-minded countries" to join the voluntary code of conduct.
"There's almost always a gap when new technologies emerge," Blinken said, with "the time it takes for governments and institutions to figure out how to legislate or regulate."
European Commission Vice President Margrethe Vestager added that a draft would be put forward "within weeks."
"We think it's really important that citizens can see that democracies can deliver," she said.
She voiced hope "to do that in the broadest possible circle - with our friends in Canada, in the UK, in Japan, in India, bringing as many onboard as possible."
The E.U. has been moving forward on the world's first regulations on AI, which would ban biometric surveillance and ensure human control of the technologies, though the rules would not enter into force before 2025 at the earliest.
China has also discussed regulations, but Western powers fear that Beijing, with its growing prowess in the field and willingness to export to fellow authoritarian countries, could effectively set global standards.
While concerns have risen about China in the European Union, the bloc as a whole has yet to take as assertive a stance as the U.S. has, with French President Emmanuel Macron recently leading a major business delegation to the world's second-largest economy.
But Blinken played down differences between the U.S. and European positions on China, saying that "None of us are looking for a Cold War."
"On the contrary, we all benefit from trade and investment with China, but as opposed to de-coupling, we are focused on de-risking," he said.
Hoping to demonstrate both the strengths and risks of AI, Danish Prime Minister Mette Frederiksen on Wednesday delivered a speech to parliament partly written by the AI software ChatGPT.
"Even if it didn't always hit the nail on the head, both in terms of the details of the government's work program and punctuation... it is both fascinating and terrifying what it is capable of," she said.
The Computer and Communications Industry Association, which represents major technology firms, in a statement welcomed the "heightened, pointed transatlantic engagement" on AI at the meeting in in the northern Swedish city of Lulea.
But it reiterated its opposition to any E.U. fees or actions against foreign tech companies.
Forum