Iraq's constitution bars the country from acquiring weapons of mass destruction and the country is a party to the main nuclear, chemical, biological and missile treaties. The resolution, adopted unanimously, also lifted sanctions that barred Iraq from acquiring nuclear, chemical or biological weapons and long-range missiles.
The council also voted to return control of Iraq's oil and natural gas revenue to the government on June 30, 2011, and to terminate all remaining activities of the oil-for-food program which ran from 1996-2003 and helped ordinary Iraqis cope with sanctions.
The U.N.'s most powerful body voted a day after a deadlock on forming a new Iraqi government ended and a year before the United States is scheduled to pull its last troops out of the country.
The council said it recognized "the positive developments in Iraq and that the situation now ... is significantly different from that which existed" after Saddam's 1990 invasion of Kuwait. It also recognized "the importance of Iraq achieving international standing equal to that which it held" prior to the invasion.
"With Vice President Joe Biden chairing the meeting, the U.N. Security Council voted to allow Iraq to restart a civilian nuclear program, to redirect the profits of Iraq's oil revenues to its government and to pave the way for $650 million to be returned to Iraq with the end of the oil-for-food program," said CBS News Foreign Affairs Analyst Pamela Falk, from the U.N.
"The logic behind the White House's call for a high level U.N. Security Council meeting on Iraq was to begin the formal process of returning Iraq to a self-governing state at the same time that the U.S. military mission has ended and the final drawdown of U.S. troops is scheduled for the end of next year," Falk continues. "It also comes at a time when the Administration is trying to turn its attention to the deteriorating situation in Afghanistan."
Iraq's Foreign Minister Hoshyar Zebari said Wednesday's meeting of the Security Council was "a historic session" since it ends an international embargo imposed on Iraq because of the wars started by Saddam's regime.
Before the vote, Zebari called the lifting of the sanctions "the biggest political accomplishment for Iraq."
"I can say that the session today is the beginning of the end," Zebari told the AP in a phone interview ahead of Wednesday's meeting. "Today Iraq will be liberated from all sanctions caused by wars and misdeeds of the former regime."