BUENOS AIRES, April 8 (RIA Novosti) - Russia hopes that Argentina will recognize the country's market economy status after the signing of a bilateral memorandum on Russia's accession to the WTO, the deputy economics minister said.

Russian Deputy Economic Development and Trade Minister Vitaly Savelyev said, "We expressed our concern that they have not acknowledged the Russian economy's market status. We hope for understanding on their part."

The signing of the memorandum on Friday in Buenos Aires completing bilateral talks on Russia's accession to the WTO, should lead automatically to recognition of market status from Argentina, a source in the Russian delegation in the Argentinean capital said. This would enable Russian companies to boost exports to the country, he said.

The document was signed by Savelyev and Argentina's First Deputy Minister of Foreign Affairs and Trade Alfredo Chiaradia.

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.