2023-08-07 00:30:26
Another country that woke up when the invasion of Ukraine and subsequent sanctions crippled the Russian arms market was France. The latest arms deals with India and Qatar are evidence that France’s defense market is expanding. France is poised to overtake Russia as the world’s second largest arms exporter.
India’s Prime Minister Narendra Modi was also a guest at the National Day celebrations of France held on July 14, along with President Emmanuel Macron. The parade of the defense forces of France and the three armed forces of India took place during the National Day celebrations. Along with this, discussions of defense contracts were also active in the ranks.
Between 2018 and 2022, France’s share of global arms sales increased to 11 percent. In the previous four years, it was 7.1 percent. According to a report released in March by the Stockholm International Peace Research Institute (SIPRI), Russia’s global arms sales decreased during the same period. Russia’s share of the global arms market has declined from 22 percent to 16 percent.
A number of reasons have been pointed out for the decline in Russian arms exports. Chief among these is the Ukraine war and the ensuing international sanctions. Imports of many of the raw materials needed for weapons production have been hampered by sanctions. Many reports about the weapons used by Russia in the Ukraine war have backfired on Russia.
India still maintains strong defense ties with Russia. However, there were reports that India was dissatisfied with the technology of Russian defense equipment. Following this, India bought more defense equipment from countries like France, which was a blow to Russia. However, India’s main arms partner is Russia, which is the world’s largest arms buyer.
Rafale jets have played a major role in France’s growth to become the world’s second largest defense market. Rafale fighter jets manufactured by Dassault Aviation have been in service for France since 2002. France started exporting Rafale jets from 2015. Apart from India, France exports Rafale jets to countries like Greece, Qatar and Egypt. Rafale will soon reach countries including Croatia, Indonesia and the UAE. Of these, the UAE alone has reached an agreement to buy 80 standard F4 Rafale fighter jets by 2021.
Shares of Dassault Aviation have surged since Russia launched its attack on Ukraine in 2022. Dassault’s stock has nearly doubled since the Russian attack. In 2021, France surpassed China to become the second largest exporter of defense equipment. According to the 2022 SIPRI report, France’s defense equipment sales have increased by 59 percent over the past ten years. France is expected to overtake Russia as the world’s second largest arms exporter by 2024 or the following years.
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