From my own gaming experiences, I can tell that assault rifles make the most versatile weapons in Jagged Alliance 2. They offer good rate of fire and decent range for fair AP cost.
I can recommend the following ones, for I pick them as weapons for my mercenaries whenever possible:
AKM - good choice for less-skilled mercenaries
Steyr AUG - good for characters with low Strength
C-7 - a truly excellent weapon in JA2
M-14 - performs quite well
FN-FAL - another miracle of technology in JA2.