"It is good news for the gloomy economy," said Icelandic diplomat Stefan Johannesson, who headed the WTO panel that oversaw the talks with Russia and approved the terms. "It will make doing business in Russia more attractive for foreign businesses and producers."
Johannesson said the deal would mean lower prices and a greater selection of goods for Russia's 150 million consumers.
Foreign manufacturers had been closely watching what tariffs Moscow would accept, and whether it would cave to outside demands for tighter enforcement of intellectual property rights.
WTO's director general, Pascal Lamy, told reporters the deal creates new opportunities for members of WTO which, after the Russian deal, will cover 98 percent of global trade.
He said Russia is "about to cross the door" of WTO and take a big step by joining the Geneva-based international organization where nations agree to abide by trade rules, and hammer out their disputes in binding agreements.
"In acceding to the WTO, Russia embraces a series of rules and commitments that are the foundation of an open, transparent and nondiscriminatory global trading system," he said.
A day earlier at WTO headquarters in Geneva, Russia signed a deal with Georgia, its neighbor and one-time foe, that removed the last major obstacle to Moscow's membership.
The deal would essentially involve a neutral company monitoring all trade between the two nations, including the breakaway Georgian provinces of Abkhazia and South Ossetia.
Copyright 2011 The Associated Press.