Russia finally joined the WTO on Aug.22,2012 after 18 years of negotiations.

The country will now lower its import duties, limit its export duties and grant greater access to foreign companies. It will also introduce a host of other measures to bring it into line with WTO trading procedures.

All this should make the country with the biggest population in the world a much more accessible - and predictable - market for foreign companies

Russia could also benefit greatly from joining, economists say.

However, economists have warned that any improvement will also depend on Russia clamping down on corruption, reducing bureaucracy and improving the rule of law

Russia is the 156th member of the WTO. The Pacific island nation of Vanuatu, which also joined the organisation on Wednesday, is the 157th member.