U.S,CHINA DOMINATE ARMS MARKET

CONTEXT:
Stockholm International Peace Research Institute has released a report on arms market across the world.

IMPORTANT POINTS:

The U.S. arms industry accounted for 61% of sales by the world’s “Top 25” manufacturers last year, ahead of China’s 15.7%.
Total sales by the “Top 25” rose by 8.5% to $361 billion, or 50 times the annual budget of the UN’s peacekeeping operations.
China and the United States are the two biggest states in terms of global arms spending.
For the first time, a company from the West Asia made it into the “Top 25”: EDGE, of the United Arab Emirates, was formed by the consolidation of some 25 defence entities in 2019.

SIPRI

Stockholm International Peace Research Institute (SIPRI) established in 1966 is an independent international institute dedicated to research into conflict, armaments, arms control and disarmament.
Based in Stockholm the Institute provides data, analysis and recommendations, based on open sources, to policymakers, researchers, media and the interested public.

SOURCE:ECONOMICS TIMES

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