After months of intense deliberations, U.S President Barack Obama and Russian President Dmitry Medvedev finally agreed to a new nuclear arms reduction treaty. Both countries settled on the final details of what has been described as the "New START Treaty".

In concurrent announcements in Washington and Moscow, Obama and Medvedev said they sealed the deal in a phone call Friday and will meet again on April 8 to sign the deal.

Based on Energia Today's reports, the treaty must still needs a formal approval by the US Senate and the Russian Duma. But officials from both countries were confident that the treaty would pass. The agreement (the Measures to Further Reduction and Limitation of Strategic Offensive Arms) replaces the Cold War-era Start treaty signed in 1991 and the Moscow Treaty signed in 2002.

The agreement limits the United States of America and Russia to a maximum of 1,550 deployed nuclear warheads each and calls for cutting by about half, the missiles and bombers that carry the weapons. The agreement also includes a “verification mechanism” to ensure the “irreversibility, verifiability and transparency” of the reduction process. Both countries will have 7 years after the ratification of the treaty to carry out the reduction in long range nuclear warheads.

Following the concluded a telephone call with Russian President Dmitri Medvedev, President Obama made a surprise visit to the White House briefing room to hail the new arms control agreement with Russia, replacing the Strategic Arms Reduction Treaty (START) treaty that expired on December 5th 2009.

"I'm pleased to announce that after a year of intense negotiations, the United States and Russia have agreed to the most comprehensive arms control agreement in nearly two decades. ...Negotiations on the new START treaty with Russia have been worked on intensely for the past year. …..It significantly reduces missiles and launchers. It puts in place a strong and effective verification regime. And it maintains the flexibility that we need to protect and advance our national security, and to guarantee our unwavering commitment to the security of our Allies." the president said from the press plinth.

Administration officials reportedly emphasized that they have been in frequent communication with lawmakers from both parties during the talks with Russia, and they were confident of "strong, bipartisan" support for the agreement.

Natalia Timakova, Medvedev’s spokeswoman, also said that the agreement and the signing ceremony in April is confirmed in Moscow, underlining that Russian government sees the agreement as reflecting the balance of interests of both countries.

Meanwhile, at Kremlin in Moscow, both presidents agreed that the new treaty marks the transfer of Russian-US cooperation to a higher level in the development of new strategic ties.

"....... We have reached agreement on one of my administration's top national security priorities, a pivotal new arms control agreement," President Obama said at a news conference with Secretary of State Hillary Clinton and Defense Secretary Robert Gates.

U.S Defense Secretary Robert Gates said the agreement did not place any restrictions on US plans to deploy a missile defense system in Europe, which had been a key sticking point between the two powers. But the defense shield is referenced in the treaty, the Kremlin said Russia has reportedly been solidly opposed to the missile defense system, saying it as a threat to Russia’s nuclear capability. The US has insisted it is directed toward a potential missile threat from Iran. Gates said he was hoped that Russia could still be convinced to participate in the efforts to construct a European defense shield.

The United States and Russia own about 90 per cent of the world's nuclear weapons.

President Obama said the START deal was part of his administration's commitment to 'reset' relations with Russia, which had fallen to their lowest point since the Cold War.

“In many ways, nuclear weapons represent both the darkest days of the Cold War, and the most troubling threats of our time. Today, we have taken another step forward in leaving behind the legacy of the 20th century while building a more secure future for our children,” Mr. Obama said at the White House."