Recently at the United Nations after years of discussions and debates, the vast majority of governments – 153 in total – agreed a timetable to establish a “strong and robust” Arms Trade Treaty (ATT) with the “highest common standards” to control international transfers of conventional arms. There is currently no global Treaty on the conventional arms trade.
See http://www.amnesty.org.uk/news_details.asp?NewsID=18479 for more info