October 29, 2006 07:53pm
THE US ceded to Russia and France last year its role of the top arms supplier to the developing world as it failed to take full advantage of emerging markets and opportunities created by booming oil prices.
The annual report by the Congressional Research Service showed the US share in the total value of all arms transfer agreements concluded in 2005 dropped to 20.5 per cent from 35.4 per cent the year before.
In monetary terms, the value of these deals concluded by the United States fell from $US9.4 billion ($12.3 billion) in 2004 to about $US6.2 billion in 2005.
By contrast, Russia made last year $US7 billion worth of such deals in Asia, Africa and Latin America, a notable increase from $US5.4 billion in 2004, which propelled Russia to the position of the top arms supplier to the developing world, the report said.
http://www.news.com.au/heraldsun/story/0,21985,20665892-5005961,00.html
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