Korea Signs Deals for $2.71 billion Worth of US Arms in FY 2006

, Korea signed contracts to purchase $2.707 billion worth of arms and military-related construction from the United States in the 2006 fiscal year (FY), mostly through commercial licenses, a tally by the Defense Security Cooperation Agency said Sunday (March 4). 
 
The government-to-government contracts for military articles, services, construction and design totaled $409.6 million for the period that covers October 2005 to September 2006. 
 
Commercially-licensed contracts were worth $2.298 billion. 
 
The latter saw a sharp rise in recent years, jumping from approximately $28 million in FY 2003 to $328 million the following year. The 2006 figure marks another leap from $1.48 billion in FY 2005. 
 
Korea, along with Japan, accounted for the majority of U.S. military sales contracts with the Asia-Pacific region, according to the agency