The United States is currently the world biggest weapons supplier - holding 30 per cent of the market - but the Obama administration has begun modifying export control regulations in hopes of enlarging the U.S. market share, according to U.S. officials.

President Barack Obama already has taken the first steps by tucking new language into the Iran sanctions bill signed in early July. His aides are now compiling the "munitions list," which regulates the sale of military items.

The administration's stated reason for the changes is to simplify the sale of weapons to U.S. allies, but potential spinoffs include generating business for the U.S. defense industry, creating jobs and contributing to Obama's drive to double U.S. exports by 2015.

Obama seeks to expand arms exports by trimming approval process