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U.S., China dominate arms market: report
Why is it in news?
- Stockholm International Peace Research Institute has published a report on weapon market.
Details:
- S. and Chinese companies dominated the global arms market in 2019, while the West Asia made its first appearance among the 25 biggest weapons manufacturers.
- 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%.
- 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.