President Bush says Libya has agreed to destroy all of its chemical, nuclear, and biological weapons.
The surprise announcement follows nine months of secret talks between Libyan, American, and British officials about eliminating Libya's weapons of mass destruction.
President Bush says the decision will make America safer and the world more peaceful.
"As the Libyan government takes these essential steps and demonstrates its seriousness, its good faith will be returned. Libya can regain a secure and respected place among the nations, and, over time, achieve far better relations with the United States," Mr. Bush said.
That appears to set the stage for lifting sanctions against Libya if it follows through on promises to declare all nuclear activities, accept international inspections, and eliminate ballistic missiles traveling more than 300 kilometers with a 500 kilogram payload.
President Bush says the development is a major step forward in preventing weapons of mass destruction from falling into the hands of terrorists.
President Bush says Libya has a troubled history, and America and Britain will be vigilant in making sure the country keeps its word.