The United States welcomes the action of the World Trade Organization (WTO) General Council to approve the terms of Ukraine`s accession, the State Department said in a statement on Tuesday, according to Xinhua.

    "Ukraine`s accession will represent an important milestone in its economic transformation, and its participation in the WTO will serve as an important impetus to further economic reform and integration into the global marketplace. WTO membership will facilitate expended trade and commercial opportunities between the U.S. and Ukraine," the statement said.

    Ukrainian President Viktor Yushchenko and WTO Director General Pascal Lamy signed a protocol on Ukraine`s accession to the World Trade Organization in Geneva on Tuesday after more than 14 grueling years of negotiations.

    Ukraine will formally join WTO within 30 days once parliament has ratified the membership deal, which it must normally do by July 4 this year.