http://www.un.org/disarmament/convarms/ArmsTradeTreaty/

Arms Trade Treaty

The global trade in conventional weapons – from warships and battle tanks to fighter jets and machine guns – remains poorly regulated. No set of internationally agreed standards exist to ensure that arms are only transferred for appropriate use.
Many governments have voiced concern about the absence of globally agreed rules for all Countries to guide their decisions on arms transfers. That is why they have started negotiating an Arms Trade Treaty. Preparations to address this issue have been underway since 2006 and will culminate in the Conference on an Arms Trade Treaty in July 2012.

Read the rest of it here: http://www.un.org/disarmament/convarms/ArmsTradeTreaty/