Obama, Medvedev Sign Arms Reduction Treaty

U.S. President Barack Obama and Russian President Dmitri Medvedev have signed a major nuclear arms reduction treaty, during a ceremony in the Czech Republic capital, Prague Thursday.

The pact cuts both countries' nuclear arsenals by as much as 30 percent, leaving each with about 1,500 strategic nuclear weapons. The deal replaces the expired 1991 Strategic Arms Reduction Treaty (START) and comes after nearly a year of talks between U.S. and Russian negotiators.

Mr. Obama called the new treaty an "important milestone for nuclear security and nonproliferation and for U.S. - Russia relations."

His Russian counterpart, Mr. Medvedev, hailed the signing as a historic event that would launch a new chapter of bilateral cooperation.

The U.S. Senate and Russia's parliament must both ratify the treaty in order for it to take effect.

Russian Foreign Minister Sergei Lavrov has said Moscow reserves the right to drop out of the pact if it believes U.S. missile defense plans for Europe threaten its security.

Mr. Obama pledged more conversation with Russia about the issue of missile defense.