Washington left its sanctions in place, accusing Tripoli of seeking biological and chemical arms.
Some US officials said at the weekend it was too early to say when, or if, the US would lift its embargo.
French Foreign Minister Dominique de Villepin called on the international community to help pressure Libya to conclude talks on compensating families of victims of a French airliner bombing in 1989, saying the Libyan arms deal "creates a new context."
"The discussions under way have allowed significant progress, including in these last few days. We therefore hope a definitive settlement can be reached in the next few weeks (on the UTA bombing case)," he told the French daily newspaper Le Figaro in an interview due to be published yesterday.
Tripoli's announcement on Friday was the culmination of secret negotiations with Britain and the US launched at about the time of the Iraq invasion in March.
US President George W. Bush said he hoped others would follow Qaddafi's example.
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