RUDIMENTARY REGULATION OF THE MARKET FOR CONVENTIONAL ARMS

ABSTRACT Gradual development of man, both social as well as personal, enhanced his outlook towards life in terms of better standards of living, led to a phase where, progress could be pursued only with transgression into someone else’s domain, eventually leading to conflicts and increments in its magnitude. In today’s world of instant connectivity and communication, Conflicts have transcended to a whole new level, so much so that the discerning international community felt the need to control the very genesis of such conflicts. Enter, Embargoes on Arms of all scales, for our consideration, The Arms Trade Treaty for conventional arms. This being the first of its kind regulation of a market, hitherto, unbridled, was authored very carefully given various complications, inter alia, reverence for the sovereign right of states to legislate in their domain. Hence, the Treaty had to be softened insomuch that it accommodated all principles of World Law. Notwithstanding the flak it received, The Treaty lays strong foundations for International Peace.