Member states welcomed Russia as the 154th country to join of the World Trade Organization (WTO) ahead of a formal accession ceremony due to take place in Geneva later on Friday, reported dpa.
At the WTO's minister-level meeting, representatives of various countries greeted the accession of the country, which attracts foreign investments because of its natural resources and energy industries.
Russia is the last major economy to become a member, 10 years after China joined the organization.
The European Union, Russia's most important trade partner, said Thursday that the tariff changes would boost its exports to that country by nearly 4 billion euros (5.2 billion dollars) a year.
German Economics Minister Philipp Roesler said in Berlin that Moscow's membership was "good for Germany, good for Russia and good for the WTO," as it would create a more stable framework for doing business with Russia.
However, Russia will only formally become a WTO member once it has ratified the obligations that come with the membership, which is due to happen by June 15.
But experts warned that Russian Premier Vladimir Putin could hamper the necessary economic and trade reforms.
"The necessary modernization stands in stark contrast to Putin's system of power," economist Vladislav Inozemtsev said in Moscow, pointing to rampant corruption, bureaucracy, lacking rule of law and cronyism.
Russian Foreign Ministry spokesman Alexander Lukashevich said the accession was one of the few good news amid the current international economic instability.
"By admitting the only major state which has been outside the multilateral trade system for a long time, the organisation will improve its status of a truly overwhelming cooperation platform," he said.
Besides Russia, WTO countries also welcomed Montenegro, Samoa and Vanuatu as new members.