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Europe

US, Russian leaders welcome deeper economic ties

Ahead of the G8 and G20 summits, US President Barack Obama met Russian leader Dmitry Medvedev to discuss economic policy and trade. The Russian president's first visit to the White House marks a warming in relations.

Dmitry Medvedev and Barack Obama

After years of cool relations, Russia and the US are closer than ever

After April's landmark nuclear arms reduction treaty in April, Russian and US leaders have met again, this time to discuss economic policy.

US President Barack Obama and Russian President Dmitry Medvedev met in Washington on Thursday, where the two found common ground on trade and investment.

"We have succeeded in resetting our relationship, which benefits regional and global security," the US leader said.

Following the talks, Obama announced the US would resume poultry exports to Russia after a disagreement over health and safety standards. The US president also vowed to speed up talks with Moscow on Russia's desire to join the World Trade Organization (WTO).

Jetliner sale

In a joint news conference, Obama announced that a Russian state holding would buy 50 Boeing aircraft valued at 3.3 billion euros ($4 billion).

A boeing 737

The Boeing deal was one of several business deals inked at the meeting

The deal, which is expected to create 44,000 US jobs, is a "prime example of how closer commercial cooperation between our two countries is in our mutual interests," U.S. Secretary of Commerce Gary Locke said.

Eager to improve trade

Medvedev said it was time to move geopolitical cooperation to the economic sphere.

"We are ready for that now; our American partners are ready for the same thing," the Russian leader said.

After wrapping up his US visit, Medvedev is set to travel to Canada to take place in the Group of Eight and Group of 20 summits in Toronto over the weekend.

Author: Sarah Harman (AFP/Reuters)
Editor: Rob Turner

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