"The Security Council welcomes the various initiatives that are currently under way, globally and regionally, to address the issue. These initiatives at the regional level include the Economic Community of West African States moratorium on the production and trade in small arms, the Inter-American Convention Against the Illicit Manufacturing and Trafficking in Firearms, Ammunition, Explosives and Other Related Materials, the European Union Joint Action on Small Arms and the European Union Code of Conduct on Arms Exports. At the global level, the Council welcomes the negotiation process on the elaboration of an international convention against transnational organized crime, including a draft Protocol Against the Illicit Manufacturing of and Trafficking in Firearms, Ammunition and Other Related Materials.