With respect to conventional arms transfer limitations.

Declares that the five permanent members of the United Nations Security Council should immediately begin negotiations to control conventional arms transfers by establishing clear guidelines for such transfers.

Declares that the United States should: (1) confirm a commitment to self-restraint with respect to conventional arms transfers to developing countries and establish clear guidelines for such transfers which reflect that commitment; (2) immediately begin discussions among countries selling conventional weapons and countries purchasing such weapons for the purpose of limiting conventional arms transfers; (3) in the course of such discussions, seek to establish a regime to monitor arms transfers that makes such transfers transparent, including the means to verify such transfers and enforce any controls on such transfers, and encourage selling countries to consider the security needs, level of defense expenditures, and level of indigenous defense production of the purchasing countries before making conventional arms sales; and (4) promote trade incentives, economic cooperation, and science and technology cooperation, to encourage countries to cooperate with controls on arms transfers.