This paper examines the urgent need to balance privacy rights with the rapid advancement of artificial intelligence (AI) systems, which present transformative potential alongside significant privacy risks. Existing privacy regulations often fail to address the complexities of AI data practices, such as algorithmic bias, lack of transparency, and the erosion of individual control over personal data. Greco advocates for flexible, proactive regulation informed by AI's evolving dynamics to ensure innovation is not stifled. The G7 and OECD are highlighted as key players in fostering international cooperation on privacy standards, alongside contrasting approaches from the US and EU in shaping AI governance. Collaborative stakeholder dialogues and initiatives like the G7 Code of Conduct and GDPR demonstrate the critical role of shared responsibility in crafting effective AI policies. The paper concludes that balancing privacy and innovation requires harmonized global efforts to build trust and accountability in AI development and use.