U.S. President George W. Bush announced Monday that the United States and Russia have reached an agreement that will substantially reduce their offensive nuclear arsenals.
"This is good news for the American people," Bush said, hailing the agreement will "make the world more peaceful, and put behind us the Cold War once and for all."
"This treaty will liquidate the legacy of the Cold War," Bush said in remarks before he headed to Illinois for a fund-raising event.
He said the agreement is the culmination of months of hard work and mutual trust with Russian President Vladimir Putin that began last year with their meeting in Slovenia.
The agreed-upon reduction range is 1,700 to 2,200 warheads, Bush said.
"I'm looking forward "to going to Moscow to sign the treaty" later this month, Bush said. "When I sign the treaty with President Putin in Russia," the United States and Russia will begin a "new era of relations."
"The new era will be a period of enhanced mutual security, economic security and improved relations," he added.
In their November summit in the United States, Bush and Putin committed to slash their nuclear arsenals from 6,000 warheads to between 1,700 and 2,200 over the next 10 years.
The two sides have been at odds over the nature of reductions since then. The United States wants to put weapons cut from its arsenal in storage, to be available in emergency, while Russia believes the only serious weapons reduction process involves destruction of armaments.
Diplomats from the two countries have struggled for months to make the deal official in time for the May 23-26 summit meeting in Russia.
Details of the agreement were not immediately available, senior Bush administration officials, speaking on condition of anonymity, said some of the arms will be stored and others destroyed under the accord.