The World Trade Organization has agreed on Russia becoming its newest member, giving a boost to the ailing economy of its biggest trading partner, the European Union.

The 153-nation global trade body approved by consensus Russia's application for membership Friday, Dec 16 capping Moscow's 18-year effort to belong to the world's trading dispute referee organization.

The deal is expected to quickly increase EU exports by some 4 billion euros ($5.45 billion) a year.

Under the deal, Russians can buy European-made goods at far lower prices and sell its oil and gas more efficiently.

Until now, Russia has been the only member of the Group of 20 leading economies still outside the WTO.

Russia would become a WTO member next year, 30 days after it notifies WTO that the Russian Duma has ratified membership, AP reported.