The United States and Russia have finalized the most comprehensive nuclear arms reduction treaty in nearly two decades, dpa cited US President Barack Obama as announcing today. Obama and Russian President Dmitry Medvedev agreed on the final details of what has been dubbed the "New START Treaty" in a telephone call Friday and will meet in Prague on April 8 to sign the deal. "In many ways, nuclear weapons represent both the darkest days of the Cold War, and the most troubling threats of our time," Obama said in a speech at the White House. "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." Both sides will be required within seven years to reduce their arsenals of long-range nuclear warheads to 1,550, about one-third below current levels and nearly three quarters below the level agreed in the first Strategic Arms Reduction Treaty that was signed in 1991. The White House said the deal contained "no constraints" on the construction of a missile defence shield, which had been a key sticking point between the two powers. The deal comes after a year of intense negotiations and Obama said it was part of a US commitment to "reset" relations with Russia. Obama and Medvedev have met or telephoned 14 times in the past year in an effort to iron out the details of the treaty. The likely signing ceremony in Prague will come just days before Obama hosts dozens of world leaders in Washington for a summit on nuclear non-proliferation. The United Nations will hold a a broader meeting in May of members of the international Nuclear Non- Proliferation Treaty (NPT). Obama in 2009 in Prague set a goal of a nuclear-free world. The START deal sent "a clear signal that we intend to lead," Obama said. After the signing, the treaty will still have to be approved by both countries' legislatures.