Global arms trade treaty to regulate the industry and keep weapons out of the hands of criminals has come into effect. The treaty lays down the international rules for the 85 billion US dollars global arms trade and is considered as anew chapter in collective efforts to bring responsibility, accountability, and transparency to the global arms trade.
Of the 130 signatories of the treaty, 60 have ratified it. A total of 50 ratifications were necessary for the pact’s entry into force. The 193-nation UN General Assembly overwhelmingly approved the treaty in April 2013. The treaty covers heavy weapons – such as battle tanks, combat aircraft, warships, attack helicopters and missiles – but also the trade in small arms and light weapons.
The US signed the Arms Trade Treaty in September 2013, but the Senate has not yet ratified it. Major weapons producers like Russia, China, India and Pakistan have not signed the treaty. Top arms exporters that have signed and ratified it include the UK, France and Germany.