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President Putin and President Bush made joint statements on cooperation in space as well as a new strategic partnership between Russia and the US.

The Russian and US Presidents exchanged instruments of ratification for the Strategic Offensive Reductions Treaty. The document was signed by Vladimir Putin and George Bush in Moscow on May 24, 2002 and ratified by the Federation Council in May and by the US Senate in March of this year.

The underlying principle of the Treaty is equal security for both sides. Russia and the US pledged to cut their strategic nuclear warheads to 1700–2200 for each side by December 31, 2012. The Treaty also speaks of the need to preserve the START Treaty of July 31, 1991 in accordance with its provisions.

The Strategic Offensive Reductions Treaty, Vladimir Putin told the final press conference, marks a real contribution to the strengthening of the regime of nuclear non-proliferation, which is particularly relevant in the light of the common task of fighting international terror, which seeks to gain possession of mass destruction weapons for its criminal ends.

A bilateral commission will be set up to implement the Treaty.

Economic cooperation, interaction in the fight against terror and the post-war disposition in Iraq came in for a detailed discussion. Vladimir Putin said Russia was ready to further cooperate with all countries, especially the US, and with the future authorities in Iraq for the purpose of its reconstruction.