Russian President Dmitry Medvedev hailed the EU's backing.

Dmitry Medvedev, Russian President, said, "We reached a very important agreement. I just wanted to once again reaffirm what my colleagues said that is Russia's accession to the WTO after our similar agreements were reached with the United States and now with the European Union, Russia's accession to the WTO becomes a reality."

European Commission President Jose Luis Barroso said the agreement should increase trade and investments between the two sides. He called it a milestone, with Russia's prospects for becoming a WTO member in 2011 now very realistic.

The World Bank has estimated that entry could increase Russian domestic gross product by as much as 3.3 percent in the medium-term and 11 percent in the long-term.

Russia's accession still needs approval from the 153-member WTO.