Russia's accession to the World Trade Organization (WTO) carries both advantages and challenges for the national economy, a lawmaker said Wednesday.

Following the WTO accession, Russia may expect a rise of foreign investment and better export climate, Sergei Shatirov, deputy head of the Federation Council's Economics Committee, told reporters.

"Membership in the WTO excludes the levying of prohibitive duties for Russian exports. This will facilitate the manufacturing of goods with high added-value, which will eventually improve the structure of the national economy and reduce its dependence on oil and gas export," he said.

At the same time, being a member of the international trade bloc means Moscow could influence the rule-making process of global trade, Shatirov said.

"The prospective of the national economy after entering the WTO depends much on how the government could use the opportunities our country obtained within that organization," he said.

Meanwhile, Russia does not rule out protective measures for its economy in case accession to the WTO would harm domestic producers, Shatirov said.

A monitoring commission at the upper house of parliament was founded immediately after Russia's ratification of the WTO accession protocol in July, Shatirov said.

The commission will supervise and "promptly respond by the corresponding amendments to the legislation if needed," the lawmaker said, adding that the commission plans to offer protective measures for the most vulnerable domestic sectors such as agriculture.

"We have not exhausted the level of state protection allowed by the WTO, including agriculture. For a number of goods, Russia may increase the level of (import) duties. High-technology sectors could be supported indirectly via the adoption of regional programs," he said.