Russia, has scored a significant gain, at its Brussels summit, with the European Union.

After 17 years of negotiations, the EU has finally inked, an official agreement, that brings Russia, closer to full membership in the World Trade Organization.

EU Trade Commissioner Karel De Gucht and Russian Economic Development Minister Elvira Nabiullina sign an agreement on finishing the WTO accession negotiation.

The EU lifted its WTO veto thanks to Moscow's commitment to phase out export tariffs on timber and rail freight fees. But outstanding multilateral issues remain, including the level of subsidy that Russia will pay its farmers.