Russia would enter the World Trade Organization (WTO) in early August, Prime Minister Dmitry Medvedev said Thursday.

The Russian government approved the WTO accession protocol during a working session and it would now be submitted to parliament for further discussion and final ratification, the Kremlin press service reported.

"The process has been drawn out for many years and it's good that, thanks to joint efforts, it is drawing to a close," Medvedev said.

Speaking during a government meeting on the accession protocol, Medvedev asked Minister of Economic Development Andrei Belousov to keep close working contact with parliament to ensure "all the necessary procedures" were finished in July.

Russia would not abide by any new obligations other than those previously reached when it became a WTO member, the prime minister said, adding the country would have to adjust certain aspects of its economy in accordance with the accession terms.

Medvedev said Russia's economy would become "highly competitive" by joining the WTO, and urged the government to be prepared for possible challenges ahead and learn to properly respond to the "actions of our partners who are now rivals."

The WTO gave final approval to Russia's membership last December, ushering in the last major economy outside the trade club.

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