The decision was taken at the grouping's plenary meeting in Vienna.
The grouping said India will be its 42nd member state as soon as the necessary formalities are completed.
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"Wassenaar Arrangement (WA) participating states reviewed progress of a number of current membership applications and agreed at the plenary meeting to admit India which will become the arrangement's 42nd participating state as soon as the necessary procedural arrangements for joining the WA are completed," the grouping said in a statement at the conclusion of its plenary meeting.
An entry into the export control regime would enhance India's credentials in the field of non-proliferation despite not being a signatory to the Non Proliferation Treaty (NPT).