Earlier, Kremlin aide Sergei Prikhodko said that, along with a key framework arms control agreement, two presidents are expected to sign deals which will expand the country’s bilateral military ties.

That might include the agreement on transit of U.S. military supplies via Russia to Afghanistan.

There are also hopes that the visit might help improve relations between NATO and Russia, after a period of coldness.

John Beyrle, U.S. Ambassador to Russia, said that the whole world is anticipating the outcome of the upcoming meeting between Medvedev and Obama.

“People understand that the United States and Russia are responsible for a great deal of stability around the world. We have 95 percent of the nuclear weapons on Earth,” he said. “If America and Russia can find common ground, I think the rest of the world will feel a lot safer.”

Meanwhile, Andrew Somers, President of the American Chamber of Commerce in Russia, said that better Russia – U.S. relations would assist business cooperation between the countries.

“The first obstacles [in developing business ties] are political differences,” he said. “If those political differences can be smoothed out, it will encourage more business and more investment.”

He also added that the American business community is “cautiously optimistic” about the upcoming summit and expect several business deals to be signed.

Meanwhile, America’s Independence Day is also being celebrated in Russia. Just outside Moscow, a big party with many activities and fireworks is being held to mark the day.

The celebration is labeled as one of the largest held outside the United States. No less than 15,000 people have shown up to play sports, watch concerts and take part in other events at the beautiful Kuskovo park just outside Moscow.