Global Insights: World’s Arms Trade Surging, but for How Long?

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Global arms sales continue to grow, according to the Congressional Research Service (CRS), with the value of worldwide weapons contracts rising by an estimated 9.2 percent in 2007. The CRS put the value of major arms transfer agreements at almost $60 billion, up from $54.9 billion the year before. The United States accounted for over 41 percent of the sales, or approximately $24.8 billion, a significant increase from the 2006 figure of $16.7 billion. Russia still ranked second, but the value of its arms transfer agreements actually fell from $14.3 billion in 2006 to $10.4 billion in 2007. Conversely, the […]

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