MOSCOW , Russia ( CNN ) -- A strong Russia is good for the United States , President Obama said in a speech in Moscow , where he is visiting in an effort to `` reset '' the countries ' relations . President Obama meets with Prime Minister Vladimir Putin on Tuesday before heading to the G-8 in Italy . Obama delivered a commencement speech Tuesday at a Moscow graduate school . `` America wants a strong , peaceful and prosperous Russia , '' he told a large crowd at the New Economic School . `` This belief is rooted in our respect for the Russian people , and a shared history between our nations that goes beyond competition . '' He repeated the message in a meeting later with Russian business leaders , but also said Russia has to do more to fight corruption . `` We have to promote transparency , accountability , rule of law on which investments and economic growth depend , '' he said . Watch Obama discuss thoughts on Kremlin visit » . `` We want Russia to be selling us goods and we want Russia to be buying goods from us , '' he said . `` Total trade between our countries is just $ 36 billion . Our trade -- America 's trade with Russia -- is only about 1 percent of all our trade with the world -- 1 percent -- a percent that 's virtually unchanged since the Cold War . '' Watch Obama 's full opening statement » . Obama later met Russian opposition leaders , speaking of the importance for the country to `` not simply tolerate dissenting voices but also to respect and recognize dissenting voices . '' Obama also spoke to civil society leaders , promising the United States will support universal values and human rights such as the rights of people to live as they choose , to have a free press and to speak their minds . On Monday Obama met with Russian President Dmitry Medvedev and discussed a series of agreements -- including one on nuclear-arms reduction -- as part of an effort to strengthen ties between the one-time Cold War rivals . The two signed a deal on parameters for negotiations to replace the START agreement , with the goal of reducing nuclear weapons . START expires December 5 . Watch Obama discuss arms control pact » . Under Monday 's agreement , Russia and the United States will reduce their strategic warheads to a range of 1,500 to 1,675 , and their strategic delivery vehicles to a range of 500 to 1,100 . The numbers would be a reduction from the expiring START , which allowed 2,200 warheads and 1,600 launch vehicles . The two-day summit in Moscow was to help refocus a relationship that , according to Obama , `` has suffered from a sense of drift '' in recent years . The president reiterated that in his speech Tuesday . `` That is why I have called for a 'reset ' in relations between the United States and Russia , '' Obama said . `` This must be more than a fresh start between the Kremlin and the White House , though that is important , '' he said . `` It must be a sustained effort among the American and Russian people to identify mutual interests and to expand dialogue and cooperation that can pave the way to progress . '' Obama met with Medvedev again Tuesday and with Prime Minister Vladimir Putin before heading to Italy for the Group of Eight summit . The G-8 agenda is packed with issues , including Iran , the global financial crisis , climate change and eradicating world poverty . Putin said his meeting with Obama was `` very good and substantive . '' `` We also talked about how we will be improving our relations in the near- and medium-term . It was a very well-intentioned and substantial conversation in many concrete fields . We have many points we agree on , '' Russia 's prime minister said . After his speech , Obama sat down with Ed Henry , CNN senior White House correspondent , for a brief interview . The president spoke about a wide range of issues , including how much his daughters were enjoying Moscow , his impressions of Putin , relations with Iran and Michael Jackson . On Iran , Obama reiterated recent statements about the post-election protests there . `` Events in recent weeks have disturbed the world . They are not only heartbreaking , but raise questions over where leaders want to take the country , '' Obama said . `` We have to wait and see how the dust settles . But we have to speak out and say that the Iranian people have to be treated with justice . '' The president also spoke about the legacy of Michael Jackson , on the day of the pop star 's public memorial program . `` No doubt he was one of greatest entertainers of our or any generation . Like Elvis , Sinatra , the Beatles , he became core part of our culture , '' Obama said . `` His extraordinary talent and music was mixed with big dose of tragedy in private life . It is important for us to affirm the best of him . '' CNN 's Jill Dougherty contributed to this report .
NEW : PM Putin : Much agreement in `` well-intentioned , substantial '' talks . Obama cites respect for Russian people , shared history that transcends competition . Obama is in Moscow for two-day summit with President Medvedev , Putin . Obama , Medvedev sign `` joint understanding '' on cutting nuclear arsenals .