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The immense impact of technology on both warfare and security has been clearly demonstrated and has heightened concerns relating to the proliferation of military technology and misuse by irresponsible actors. Technology control regimes are a vital component of national security strategies. This report presents evidence of the increasing relevance of technology in the 21st century and a brief review of the control regimes, as well as the perspectives of progressive developing nations. It highlights the need for a new approach to the management of technology and security issues. Meeting future challenges to arms control and non-proliferation will require wider cooperation among nations in a rapidly changing and interdependent world in which some of the new technologies will further accentuate security sensitivities. The report advocates the abandonment of cold war mindsets and makes a case for a broader cooperative approach to the management of technology controls. International cooperation will be vital for achieving the objectives of non-proliferation, disarmament and global socio-economic progress and will facilitate steps towards the elimination of weapons of mass destruction and the dangers posed by terrorism, thereby fostering enhanced international peace and stability.