HispanicBusiness

Russia's membership in the World Trade Organization (WTO) became final on Tuesday after its parliament ratified it by a small majority - 18 years after the country first applied.

The Duma ratified the trade body's admissions agreement by 238 to 208, according to the news agency Interfax.

WTO members had unanimously accepted the resource-rich country in December after years of negotiations. Russia is the last major economy to become a member. China joined the organization 10 years ago.

Its membership means that Russia will have to open its markets. Moscow has agreed to lower its average tariffs from 10 to 7.8 percent on various products and to make it easier for foreign investors to enter the service sector, including telecommunications and finance.