"The major political and economic transitions wrought by the end of the Cold War continued in 1992, resulting in a significant impact on the Third World arms marketplace. The formal dissolution of the Soviet Union contributed to a sharp fall in Russia's arms agreements, while the United States remained the undisputed leader in arms sales to the Third World. Continued reductions in domestic defense spending in many nations became a matter of acute concern to their weapons exporting industries, leading to intense competition among suppliers for new arms deals throughout the globe. Despite initial optimism about their prospects, talks aimed at controlling destabilizing conventional arms transfers to the Near East region, in the wake of the Persian Gulf war, did not produce a major new control regime."
CRS Report for Congress, 93-656