The EU is Ukraine's largest market. The EU became the last trading partner to have reservations about Ukraine's WTO membership.

The European Union (EU) said that Thursday it has cleared the final hurdles in talks about Ukraine's accession to the World Trade Organization adding it will soon open talks on a comprehensive free trade accord with Kyiv.

At a meeting that took place in London on late Wednesday, EU Trade Commissioner Peter Mandelson and Ukrainian Deputy Prime Minister Hryhoriy Nemyrya "sealed the final terms of the agreement" clearing the way for Ukraine's entry into the WTO, Mandelson said in a statement.

"Today's agreement shows the way for Ukraine fully to join the world trading system," Mandelson said. "This is the first significant step toward greater Ukrainian integration with the global and the European economy."

He reported the European Union will soon begin negotiations for "a comprehensive free trade agreement with Ukraine."

The European Union completed the bulk of its negotiations with Ukraine in 2003 year. It has since worked secure the Ukrainian guarantees for cuts in export duties on different raw materials.

In 2006, it gathered 25 percent of Ukraine's exports, worth $12.9 billion, and accounted for 42 percent of Ukrainian imports, worth $26.3 billion.

Last year, the EU offered a tailor-made package of economic and other incentives for Ukraine through a special program that pulls neighbours close without making them EU members.

The main condition for participation in the neighbourhood program is that Ukraine join the WTO. Membership in the WTO guarantees Kyiv better access to the world markets and will increase its ability to attract new trading and investment.