Russia's parliament is due to ratify an agreement for Russia to join the World Trade Organization in a move that will push Moscow to open up its economy, The AP reports.

Russia — the largest economy outside the global trade organization — has spent 18 years trying to negotiate its entry into the body.

Thousands of Russian businesses are wary that the low import duties and caps on subsidies that are a condition of joining the WTO will hurt their businesses. However, Russia's Economic Development Minister, Andrei Belousov, told lawmakers in the State Duma Tuesday that Russia would lose more if it decided to stay out of the WTO.

The country's accession is likely to be approved since the Duma is controlled by President Vladimir Putin's United Russia party which supports membership.