GENEVA - After 18 years process, the Working Party on Russia's accession to the World Trade Organization (WTO) finally concluded the protracted talks Thursday, adopting a package containing reforms to Russia's trade regime and its commitments to implement as part of its WTO accession.

"Russia has anchored its trade regime into the global system of multilateral rules," WTO Director-General Pascal Lamy told a press conference following the Working Party's last formal meeting.

Speaking about Russia's future accession, Lamy said it's a win-win situation for Russia, WTO members and the Organization itself. After Russia's accession, the WTO will essentially cover 98 percent of all world trade.

Russia's chief negotiator Maxim Medvedkov said WTO will provide Russia with stable and predictable instrument to develop trade in both ways.

Russia is a country heavily dependent on foreign trade with one third of its GDP being made through foreign trade, of which 90 percent is achieved with WTO members.

As the next step, Russia's accession is expected to be formally endorsed at WTO Ministerial Conference due mid-December.

As part of the accession, Russia concluded 30 bilateral agreements on market access for services and 57 for goods.

On average, the final legally binding tariff ceiling for Russia will be 7.8 percent compared with a 2011 average of 10 percent for all products.

The average tariff ceiling for agriculture products will be 10.8 percent, lower than the current average of 13.2 percent, while the ceiling average for manufactured goods will be 7.3 percent versus the 9.5 percent average today on manufactured imports.

The final bound rate will be implemented on the date of accession for more than one third of national tariff lines with another quarter of the tariff cuts to be put in place three years later.

The longest implementation period is eight years for poultry, followed by seven years for motor cars, helicopters and civil aircraft.