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Asia Driving 'Explosion' In Global Arms Trade: Study -- Reuters
(Reuters) - Asian powers are outpacing the United States to become the biggest spenders on defense by 2021 and are fuelling an "explosion" in the global arms trade, a study showed.
The global arms trade jumped by 30 percent to $73.5 billion between 2008-2012 in spite of the economic downturn, driven by surging exports from China and demand from countries like India, and is set to more than double by 2020, defense and security consultancy IHS Jane's said on Tuesday.
"Budgets are shifting East and global arms trade is increasing competition. This is the biggest explosion in trade the world has ever seen," said Paul Burton, a senior manager at IHS Jane's whose study looked at 34,000 defense acquisition programs.
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My Comment: This arms race is also now producing a worrisome nuclear arms race among China, India and Pakistan.
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