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Diplomats at the United Nations’ talks on the future Arms Trade Treaty have made serious progress this week with a growing number of key countries bringing their support to the process. The week was also marked by pro-ATT statements from global investors’ with over US$ 1.2 trillion in assets.

The European Parliament voted today on a resolution on the Arms Trade Treaty (ATT) that will be negotiated at a major UN conference in New York on 2 – 27 July.

In a new report released today, Oxfam exposes the weaknesses in New Zealand company law that enabled unscrupulous international arms brokers to drag the country into the deadly business of the illegal arms trade, highlighting the urgent need for a global Arms Trade Treaty.

The Viktor Bout case shows need for global rules on arms trading – a global arms trade treaty.

Global sales of ammunition are worth more than $4 billion and are growing at a faster rate than trade in guns, yet there is virtually no regulation in place to control where the bullets end up.

More than $2.2 billion worth of arms and ammunition have been imported since 2000 by countries operating under arms embargoes, according to new figures released today by international humanitarian agency Oxfam.

The Control Arms alliance expressed some satisfaction at progress made at the preliminary Arms Trade Treaty negotiations but urged governments to maximize time before the next meeting in 2011 to develop a draft Treaty further.

Baffour Amoa, spokesperson for the Control Arms Coalition said:

The fight to end the illegal and irresponsible arms trade goes on after delegates at the United Nations failed to reach consensus and agree an Arms Trade Treaty. Final text disappointing but not the end of the story.

States must use every available minute to draw up a new international arms treaty that could save thousands of lives every year, NGOs from around the world said today as negotiators from 192 governments begin formal talks at the United Nations on Monday.