BUENOS AIRES, April 7 (RIA Novosti) - Russia and Argentina signed a memorandum Friday completing bilateral talks on the former's accession to WTO.

Russian Deputy Economic Development and Trade Minister Vitaly Savelyev and Argentina's First Deputy Minister of Foreign Affaires and Trade Alfredo Chiaradia signed the document.

Prime Minister Mikhail Fradkov said Russia expected Argentina to recognize its market economy status after the signing of the memorandum.

"Even the countries whose talks on Russia's accession to the WTO were more difficult than yours have done this," he said.

A source in the Russian delegation said earlier that Argentina would grant Russia market economy status automatically following the signing of the memorandum.

"This will allow our companies to enjoy the market-economy status and increase exports," the source said.

Under WTO regulations, Russia must sign bilateral accession agreements with all members of the 58-nation WTO Working Party set up to negotiate its accession. Negotiations are still ongoing with the United States, Colombia, and Australia.