The leaders signed the document during their first summit in Camp David, the presidential country retreat. Bush and Yeltsin discussed the breakup of the USSR and agreed to continue strategic nuclear arms reductions and to cooperate on the issues of the arms trade and the non-proliferation of weapons of mass destruction.
"Russia and the United States do not regard each other as potential adversaries. From now on, the relationship will be characterized by friendship and partnership founded on mutual trust and respect and a common commitment to democracy and economic freedom," the declaration reads, pledging to remove any remnants of Cold War hostility.
Secondly, the document mentioned the striving of the United States and Russia to establish a new alliance of partners. This made it possible to say that Moscow and Washington were switching over from sporadic cooperation, based on similar interests within a narrow range of issues, to an allied type of relations, implying the existence of a vast sphere of common aspirations and a steady line to promote cooperation and mutual tolerance. Thirdly, the document listed some common dangers facing Russia and the United States. In principle, this could highlight a striving to underscore the trusting and long-term nature of Russian-US rapprochement.
The Declaration listed various common dangers, including the proliferation of weapons of mass destruction and associated technology, the spread of advanced conventional arms, regional conflicts, terrorism, drug trafficking and environmental degradation.
Replying to journalists’ questions, Bush said that he and Yeltsin intended to promote friendship that would have nothing in common with the hostility of the Cold War that fueled an arms race between the two countries.
In June 1992, Yeltsin paid an official visit to the United States. On June 17, 1992, the sides signed the Charter for American-Russian Partnership and Friendship, formalizing the principles of the Camp David Joint Declaration of partnership and friendship. The document noted that the entire system of US-Russian relations hinged on relations of partnership and friendship.