Iraqis are looking forward to greater development and international cooperation after the United Nations Security Council voted to lift the Chapter 7 sanctions imposed on the country since 1990.
Iraqi politicians described the lifting of sanctions as "historic".
The Security Council passed three important resolutions at the end of a session on Wednesday (December 15th).
One resolution ended the oil-for-food program, which had been in place since 1996 and permitted Baghdad to sell only a limited quantity of oil in return for humanitarian assistance.
Another Security Council resolution extended the period for which Iraq does not have to pay reparations until June 30th 2011.
A third resolution allows Iraq to develop a civilian nuclear program. The 19-year ban imposed under Resolution 687 had prohibited Iraq from importing certain materials because they could be used for non-peaceful purposes.
In an effort to resolve issues with Kuwait, Iraq will continue to transfer 5% of oil and natural gas revenues into a compensation fund.
Speaking at the Security Council session, Iraq's Foreign Minister Hoshyar Zebari said the Iraqi government welcomes the new UN resolutions.
"The Iraqi government expresses its appreciation and full respect of these resolutions," Zebari said. "They undoubtedly represent great steps for supporting Iraq in regaining its distinguished standing in the international community."
Zebari said the Iraqi government would work hard to settle all unresolved issues with the state of Kuwait through joint talks "in such a manner that ensures the establishment of distinguished bilateral relations based on the principle of good neighborliness and mutual respect".
In Iraq, meanwhile, politicians received the resolutions with relief.
"It is a historic day by all means," said State of Law coalition lawmaker Abbas Shayaa. "We are happy with the issue of such resolutions that will help develop Iraq and push the wheel of development in the country forward."
Shayaa said the resolutions bring the country out of a dark era in its history.
"Today, Iraq looks forward to building a new partnership with the international community, through which we can move beyond all the tragedies and horrors that the former dictatorial regime caused to the Iraqi people and all other peoples in the region and the world," he said.
Talal al-Zawbaie, a lawmaker representing al-Iraqiya List, told Mawtani that "getting out of Chapter 7 sanctions is a real victory for Iraq".
"These positive developments will make us more determined and resolved to honor all the obligations and pledges that we took upon ourselves towards the international community to ensure the establishment of security, peace and prosperity on the internal and external levels," he said.
Muhsin al-Saadoun, a lawmaker representing the Kurdish Alliance, described lifting the sanctions as "the beginning of a new era in Iraq".
"All the Iraqi political forces, together with the Iraqi people, have received the news about lifting the sanctions that were imposed on our country with a huge sense of relief," he told Mawtani. "What we have been looking forward to since the fall of the dictatorship has come true today."
The Iraqi street also welcomed the Security Council resolutions.
"I feel very happy with the positive resolutions that the international community has taken towards Iraq," said Doaa Saad, 24, a resident of Baghdad. "It is a truly special day that we thought was just a dream. However, it has now become a reality."
Nehad al-Jubouri, 36, another Baghdad resident, praised Iraqi diplomats for convincing Security Council members of the improvements in Iraq.
"After this major achievement, we have to step up our efforts to achieve more international openness towards our country and to work towards turning the page on the past," al-Jubouri said.