Bush is making the stop in Moscow en route to Asia.
Putin and Bush are expected to meet again at this weekend's Asia-Pacific summit in Vietnam.
A Kremlin spokesman said the two presidents confirmed that Russia and the United States are preparing to sign a bilateral accord on Russia's bid to join the World Trade Organization (WTO).
The agreement would remove one of the last obstacles to Russia's 13-year-old bid to join the WTO, which sets rules governing global trade.
(compiled from agency reports)
Russia's Democratic Development
Demonstrators speak with local politicians in Butovo about the destruction of a local forest in July 2006 (RFE/RL)
IS RUSSIAN DEMOCRACY MANAGING? Russian President Vladimir Putin has said Western powers seek to pressure Russia under the pretext of concern over its democratic development. He has said Russia is ready to listen to "well-intentioned criticism," but will not allow anyone to interfere in its internal affairs. The Kremlin has been criticized for stifling political oppostion, increasing central control over the media, and cracking down on the work on nongovernmental organizations.