Washington, Nov 24 (IANS) Prime Minister Manmohan Singh Tuesday said it is a 'moment of great opportunity' in our relations with the US which will help in meeting global challenges of climate change and terrorism.

'This is a moment of great opportunity in our relationship,' Singh said, as he stood next to US President Barack Obama in the East Room of the White House. The ceremonial welcome was held indoors as the event in South Lawn was washed out by rains.

'We should cooperate in addressing global challenges of combating terrorism, of making environment cleaner, and moving towards a world free of nuclear weapons,' said the Indian prime minister who has been given the honour of making the first state visit in the Obama administration.

Stating that he was 'deeply honoured' to be the first state guest of President Obama, Singh referred to Obama's 'strong personal commitment to our bilateral relationship'.

Singh said the two countries were separated by distance 'but (were) bound together by the values of democracy, pluralsim, rule of law and respect of fundamental human feelings'.

He said that over the years both countries have created a partnership 'based upon both principle and pragmatism'.

'Our relations have been transformed and they encompass cooperation in all areas of human activity,' said Singh.

He went on to say that his visit would 'build upon these successes and strengthen our multifaceted relationship'.

'We broaden and deepen our strategic partnership and work with the US to meet the challenges of a fast changing world in the 21st century,' he said.

He thanked the president and his wife for receiving him during the Thanksgiving week, which is a family holiday period here.

After making his statement, Obama escorted Singh out of the East Room for bilateral discussions.