It would not be a cliche to describe the strategic contours of Asia as being at the crossroads of history. A number of significant events are influencing the likely course that the collective destiny of the region could possibly take in the future. Some of the key issues and trends have been analysed in this year's Asian Strategic Review. The assessment of the authors collectively highlights certain overarching trends, which are likely to shape the future of Asia and the world. Some of these trends have been evident in the past, however, with time, their impact on the security of the region has become more pronounced. These include the emergence of China, upheaval in West Asia, instability in the AfPak region and the continuing threat of nuclear proliferation. This issue of Asian Strategic Review focuses on security and military modernization in the backdrop of these trends, with specific reference to military modernization, defence budgets, arms procurement in different Asian countries, the US pivot strategy and its implications for the Asian security environment.