The World Trade Organization (WTO) cleared the way on Thursday to bring Russia into the fold following an agreement between Georgia and Russia. The deal ends nine months of often rocky negotiations between the two countries on monitoring trade flows over the Georgian-Russian border. It will also tie Russia into a global system of open markets and binding trade rules

The latest step follows an 18-year effort to bring Russian trade practices in line with international policies governing 153 other nations. It is designed to open Russian markets to foreign competitors by cutting tariffs and breaking down trade barriers.

“It clearly marks a turning point,” said Pascal Lamy, director-general of Group of 20 (G20). “One way to reinforce the rules is to extend the perimeter of rules on this planet.”

Russia, which has been trying to join the group since 1993, agreed to concessions on tariffs and other trade policies to win the approval. The move comes as U.S. lawmakers and Republican presidential candidates, worried about economic threats amid slowing growth, are calling for the Obama administration to use the WTO to challenge China and other countries that they say aren't following international rules.

With an economy still heavily dependent on energy exports, Russia is expected to face a much slower path than China in boosting its trade flows as a result of its WTO entry. However, its entrance into the WTO will force Russia to participate in an international trading system that could alter its business practices over time. It will also help advance Russia's diversification in the medium and long run, said Lamy.