Global arms biz pegged at $2 trn

Melbourne: The global trade in arms is worth more than $2 trillion. A UN conference this week aims to bring more oversight to this deadly industry. Australia is among the five largest importers of arms, globally. In 2021, Australia spent the equivalent of US$1.235 billion on the legal import of weaponry, according to an assessment by the Stockholm International Peace Research Institute, making the peaceful nation the world's number one importer of deadly capability.

In exercising its sovereign right and responsibility to provide security, Australia can legitimately acquire and employ a range of weaponry. These include weapons designed for warfare, such as submarines, battle tanks, armoured combat vehicles, large-calibre artillery systems, combat aircraft, attack helicopters, warships, missiles and missile launchers.

They also include small arms and light weapons. Arms are traded around the world in eye-watering numbers. In 2021, world military expenditure reportedly reached US$2.113 trillion. The constant demand for weapons has resulted in a vast global arms economy.