This paper explores the opportunities and risks posed by AI and emerging technologies, including risks to human rights, fairness and human agency. It builds on OECD's extensive work on AI, data governance and connectivity to support policy makers in the process of developing forward-looking policies and adapting governance frameworks to keep pace with these technological developments and ensure they are trustworthy.The paper provides background to support the discussions on Theme 4: Harnessing the Power of AI and Emerging Technologies of the Ministerial meeting of the Committee on Digital Economy Policy, taking place on 14-15 December 2022 in Gran Canaria, Spain. It informs the sessions on "The OECD AI Principles -impact on the global policy landscape" and "The future of simulated environments and immersive technologies" of the Ministerial meeting. This paper was written by Karine Perset, Christian Reimsbach-Kounatze, Inmaculada Cava Ferreruela, Kulani Abendroth-Dias and Luis Aranda, under the supervision of Audrey Plonk, Head of the OECD Digital Economy Policy Division. It benefitted from the inputs of Hanna-Mari Kilpelainen, Verena Weber, Elizabeth Thomas-Raynaud, Gallia Daor, Adam Mollerup and colleagues from the OECD Employment, Labour and Social Affairs Directorate (ELS), the Education Directorate (EDU), the Directorate for Financial and Enterprise Affairs (DAF), the Centre for Entrepreneurship, SMEs, Regions and Cities (CFE) and the Directorate for Public Governance (GOV). The report also benefitted from the inputs of delegates for the OECD Committee on Digital Economy Policy, including the Civil Society Information Society Advisory Council (CSISAC) and Business at the OECD (BIAC). Shellie Phillips, Angela Gosmann, Sebastian Ordelheide and Misha Pinkhasov provided editorial support. The Ministerial meeting and related work were generously supported by the Government of Spain. This paper was approved and declassified by written procedure by the Committee on Digital Economy Policy on