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"explosion" in the global arms trade, a study showed.
Asian arms race driving global weapons trade
"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 defence acquisition programmes.
Japan, as well as India and South Korea, are among countries being courted by weapon makers such as Lockheed Martin, Boeing and BAE Systems who want to sell them fighter jets and other equipment to make up for reduced spending in their Western home markets, but such deals tend to require investment in the buyers's defence industries.
London: Asian powers are outpacing the United States to become the biggest spenders on defence by 2021 and are fuelling an "explosion" in the global arms trade, a study showed.
The United States has accounted for the lion's share of global defence spending over the past decade, but budget cuts in Washington, as it withdraws from countries such as Afghanistan, mean that it will account for just 30 percent by 2021 to fall behind Asia Poloshirts For Men
"The big Western defence companies have no option export or shrink but this could be sowing the seed of their own demise; the opportunities in the East are a double edged sword, fuelling a trend which threatens US dominance of defence." said Guy Anderson, senior principal analyst at IHS Jane's.
The global arms trade jumped by 30 percent to $US73.5 billion ($79.6 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, defence and security consultancy IHS Jane's said on Tuesday.
Asian powers are outpacing the United States to become the biggest spenders on defence by 2021 and are fuelling an Polo Shirts Black
Military spending in the Asia Pacific region which includes China, India and Indonesia will rise 35 percent to $US501 billion in the next eight years, compared to a 28 percent fall in US spending to $US472 billion over the same period, IHS Jane's said.
China is expected to increase its defence budget by 64 percent to $US207 billion by 2021, compared to India and Indonesia which are respectively forecast to spend 54 and 113 percent more, the study said.
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India, for instance, is speaking Fred Perry Polo Long Sleeve
at 31 percent.
China's ramp up in defence spending in recent years is worrying its neighbours such as Japan, with whom it is currently embroiled in a stand off over a series of uninhabited islands, despite its repeated reassurances that there is nothing to fear.
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