Members of the Co-ordinating Committee for Multilateral Export Controls (COCOM) agreed to disband this ‘economic arm of NATO’ as of March 1994. Despite the demise of COCOM, member states agreed to continue applying their existing export control policies and, in December 1995, replaced COCOM with the Wassenaar Arrangement on Export Controls for Conventional Arms and Dual-Use Goods and Technologies. Such actions are in contrast to conventional views about a likely decline in co-operation among COCOM members with the end of the Soviet threat. After providing a brief history of COCOM operations, we derive six categories of multilateral co-operative behaviours and assess evidence for COCOM in each category for two five-year periods, 1985–89 and 1990–94. We find that multilateral co-operation in this security institution not only increased in most categories in the last years of the Cold War, but increased in every category after 1989. We then review the possible explanations for the increase in co-operation, and find that the emergence of a liberal community identity among COCOM members explains this outcome better than more conventional theoretical approaches.