Clinton predicted the agreement would be approved by leaders of the Western military alliance later this week. A signing ceremony is planned later this month in Paris.
He said the pact would give Russia "a voice in, but not a veto over NATO's business.'' The agreement also clears the way for NATO to invite new countries into the alliance when it holds its annual summit in July.
"We have taken a historic step closer to a peaceful, undivided, democratic Europe for the first time in history,'' Clinton said.
Secretary of State Madeleine Albright said she was "very encouraged by what I hear from Moscow" and looked forward to hearing details from NATO Secretary General Javier Solana. She made the remarks during a photo session with Russian Defense Minister Igor Rodionov, who is visiting Washington.
Rodionov, who spoke later at the Pentagon, hailed the agreement as good for U.S.-Russian relations.
"It demonstrates the intention of both sides to meet each other's interests, to find a compromise," he said. "I think that the agreement suits both Russia and the United States of America. I think it's very good."
Washington's NATO allies also applauded the landmark agreement, as did prospective new member states in Eastern Europe.
German Foreign Minister Klaus Kinkel, who has played a significant role in diplomatic efforts to make NATO's expansion plans more palatable to Russia, called the agreement "good news" and said he hoped it would lead to closer cooperation between Russia and the North Atlantic Treaty Organization.
"Russia must be fully involved in Europe's new security architecture," he said in a statement. "We do not want any [security] troughs in Europe. I hope that the result of these talks will help to open the door to closer security cooperation with Russia."
Poland, expected to be among the first invitees for a new wave of entry to NATO, said the deal removed one of the important elements of dispute, but added that expansion would have gone ahead without it.
"Although the calender of NATO expansion would have been implemented regardless of the agreement, it will now proceed in a better climate, a better atmosphere," said Polish Foreign Minister Dariusz Rosati.
"The agreement should not create a second-class membership category and must in no way provide for delaying the alliance's expansion," Rosati added.
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