Cold War to the Kremlin's military and political concessions, Reagan agreed to renew talks on economic issues and the scaling-back of the arms race. The first summit was held in November 1985 in Geneva, Switzerland. At one stage the two men, accompanied only by an interpreter, agreed in principle to reduce each country's nuclear arsenal by 50 percent. A second summit, was held in October 1986, Reykjavík, Iceland. Talks went well until the focus shifted to Reagan's proposed Strategic Defense Initiative, which Gorbachev wanted eliminated. Reagan refused. The negotiations failed, but the third summit in 1987 led to a breakthrough with the
Foreign policy of the George H. W. Bush administration propose both the World Bank and IMF partner with the Soviet Union to grant the USSR a special association which would grant it access to "considerable financial and economic expertise of those institutions." Another summit was held in July 1991, where the Strategic Arms Reduction Treaty (START I) was signed by Bush and Gorbachev in Moscow. The treaty took nine years in the making and was the first major arms agreement since the signing of the Intermediate Ranged Nuclear Forces Treaty by Reagan and Gorbachev in 1987. The contentions in START would reduce the strategic nuclear weapons of the United