Transcript for July 30, 1991: President Bush, Soviet President Gorbachev hold a summit in Moscow

George Bush and me tell Gorbachev talk about the new frontiers. Of Soviet American relations. From ABC this is world news tonight we Peter Jennings. Reporting tonight from Moscow good evening here in Moscow today Accenture President Bush and Mikhail Gorbachev. To explore the possibilities of partnership in the 1990s. Mr. Bush is gone further today trying to help the Soviets avoid economic disaster. Mr. Bush will now ask congress. To support most favored nation status for the Soviet Union which will lower US trade barriers for Soviet products. This is the fourth summit meeting for the two men and the first in Moscow we begin what our White House correspondent Rick. You. George Bush and Mikhail Gorbachev hand shook their way through the formalities of today's opening meetings. In an atmosphere free of the weary competitiveness was which these two once regarded each other. By early afternoon they were strolling the Kremlin grounds together. Observing what seems a summit customs and Ronald Reagan and Gorbachev first did it three years ago. Like the two politicians they are the leaders paused to work the crowds who died that lets them know. National group yeah that's it at all the places. Yeah and a crush of photographers and security men they moved out into Red Square formerly the scene of massive displays of Soviet military might. Today though Gorbachev was pointing out boomed the vast department store famed for its large size and small selection. This is that the biggest. That of course touch perhaps the major subject of this summit the broken Soviet economy. In an afternoon speech President Bush said he would it last asked congress to grant Moscow most favored nation trade status. But the address was mostly demands the Soviets must meet to assure further US economic a. System's progress rests on the pace of your reforms. On the speed with which you move from a system based on command and control. To one based on supply and demand. And there were political demands freedom for the Baltic States stopping aid to Castro's Cuba and one link directly to the Soviet economy. It's time to reduce military spending we're doing that the United States. The world has changed. Indeed it has and a further sign of it was the president's meeting today with Boris Yeltsin reelected leader of the Russian republic. Mr. Bush is trying on this trip to further relations with all the Soviet republics. But it's a tricky business because he doesn't 10 offend Gorbachev whose authority is threatened by the Republic's increasing power and independence. Review maybe C news Moscow.

This transcript has been automatically generated and may not be 100% accurate.