Obama and Medvedev said that they were 'committed' to a nuclear-free world [AFP]

The statement was released after the pair met in London on Wednesday, a day before the G20 summit aimed at addressing the world economic crisis.

"We committed our two countries to achieving a nuclear-free world, while recognising that this long-term goal will require a new emphasis on arms control and conflict resolution measures," the statement said.

Obama will visit Moscow, the Russian capital, for talks in July, but negotiations are to begin immediately with results to be in place before the meeting.

It was stated that a new arms treaty would aim to reduce the stockpile of warheads below a figure agreed in Moscow in 2002.

December deadline

The two sides have agreed to reach a deal before their existing bilateral treaty expires in December.

Contention was said to remain between the two countries concerning the deployment of a US missile defence shield in Europe, but the statement said that offensive and defensive weapons were to be discussed with the potential for working together.

The US hasigned deals with Poland and the Czech Republic to put missiles and radar equipment on their territories, they said to mitigate threats from rogue states such as Iran.

But Russia said that the shield was unnecessary and that they would react militarily if it was completed.

'Great progress'

Tensions over last year's conflict in Georgia - where the US and Russia backed opposing sides - were also reported but both nations said that they were committed to a settlement in the region.

Obama said that they two nations were making "great progress" while Medvedev stated that the talks will lay the groundwork for progress on other issues between the two nations.

Those include Afghanistan and Pakistan, where the two nations said that they would work in co-operation against the common threat of al-Qaeda and "other terrorist groups", as well as trying to stem the drugs trade.

Concern was also conveyed over a planned rocket launch by North Korea, which is the US believes is a long-range missile test, as well as Iran's nuclear programme.

The pair urged Tehran to prodice confidence boosting measures for the rest of the world that their nuclear programme was peaceful.

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