EU and Russia agree terms for Moscow's WTO accession

Moscow and the EU have removed the last remaining obstacles on Russia's path to join the World Trade Organization (WTO), the European Commission said in a statement on Friday.

"We have struck a deal on the final outstanding bilateral issues, leaving the way open for Russia to join the WTO by the end of this year," the statement quoted Trade Commissioner De Gucht as saying.

Russia, the only major economy not included in the organization, has been seeking membership in the WTO for about 18 years.

Now the only barrier is the refusal of WTO member Georgia to approve Russia’s membership bid. All member states have to give the green light to a country’s bid before it can join.

"There is now very little time left to reach a bilateral agreement between Georgia and Russia. I call on both parties to continue their efforts to find a solution in a spirit of compromise. The EU is ready to offer whatever help is necessary to resolve the issue," said Gucht.

Tensions between Russia and its small South Caucasus neighbor came to a head in August of 2008 when the two countries fought a short war over the breakaway Georgian republic of South Ossetia.