The Stockholm International Peace Research Institute (SIPRI) has released its annual report regarding global arms sales during the last year. According to SIPRI, Sales of arms and military services by the industry’s 100 largest companies totaled $531 billion in 2020, an increase of 1.3 per cent from the previous year. According to experts, although the global economy contracted by 3.1 percent during the last year due to COVID-19 pandemic, business of arms traders has grown significantly, despite disruption in supply chain and delay in order deliveries due to pandemic restrictions. The report revealed that US based arms firms stood first by grabbing 54% share in global arms sales, followed by Chinese arms giants which got second position with 13 % share in global arms trade, UK’s share remained 6.5 percent while combined EU arms manufacturers fetched 21 percent of the universal arms business. Russia got 5 percent share of international arms sales during 2020 and faced a 6.5 % decline in its global arms business as compared to previous years.
The global business of firearms, lethal and sophisticated weapons has always been on boom despite the end of the cold war about three decades ago. The arms manufacturing firms across the globe remain engaged in harnessing their weaponry with modern technologies, refined destructiveness and poisonous effectiveness throughout the year. Each year, billions of dollars of weapons and lethal technologies are sold, bought and transported around the universe in the name of security and self-protection procurement. After World War II, the great arms competition started between the two rival blocs and both parties not only fulfilled their own requirements but also exported billions of dollar weapons to other nations. According to reports, the international arms mafia is so influential that it usually keeps igniting conflicts and rivalries across the world through paid lobbies and firms having deep roots in western democracies. The global arms producers introduce new technologies and trends in their weaponry to attract world nations while great powers give boom to their businesses through tactical maneuvers across the world.