He predicted the Russian Duma — which will have until June 15, 2012 to ratify WTO membership — will approve the deal early next year. Russia, whose high-end consumers enjoy Europe's fashionable clothing and other luxury products, has pledged no tariffs on cotton and information technology products.
"The package that we have approved today is good for the United States, good for Russia, and good for the WTO," said Christopher Wilson, a U.S. diplomat in Geneva. "It has been a long time since the WTO welcomed an economy of Russia's size."
American goods make up 4.5 percent of what Russia imports, fewer than a third of what China sells Russia.
The deal could provide a lift for Russia, where experts say the heavy state involvement in the economy and unpredictable rules for business often outweigh advantages that come from high oil prices.
Investors' concerns about political and economic uncertainty in Russia are expected to cause a capital outflow this year equivalent to nearly 5 percent of Russia's GDP, which was 44.9 trillion rubles ($1.5 trillion) last year.
Its central bank said this month that capital flight from Russia is expected to double to $70 billion this year. In 2010, about $34 billion was pulled out.
Moscow has agreed to provide annual reports to WTO's 153 members on its continuing privatization. The government has promised to sell stakes in some of its most lucrative assets, but has been dragging its feet on the plan.
Market watchers say that a big privatization could help reverse the capital outflow. But some of the companies listed for privatization have publicly opposed the sale.
And as part of the WTO deal, Russia agreed to gradually lower its average tariff ceiling to 7.8 percent from its current 10 percent.
Tariffs on cars would fall to 12 percent from 15 percent now, while those on electrical machinery would fall to 6.2 percent from 8.4 percent.
Tariffs on agriculture products will drop to 10.8 percent from 13.2 percent, and tariffs on manufactured goods will be lowered to 7.3 percent from an average this year of 9.5 percent.
Foreign banks could set up subsidiaries, there would be no cap on foreign equity in individual banking institutions, and foreign insurers could establish Russian branches nine years after it gains WTO membership.
But the overall foreign capital participation in the Russian banking system would be limited to 50 percent, not including foreign capital invested in potentially privatized banks.
Russia, too, would allow 100 percent foreign-owned companies to engage in wholesale, retail and franchise operations.