President Bush (search) signed an order Thursday officially lifting the sanctions imposed against Iraq by his father 14 years ago.

The sanctions were put in place and a national emergency declared on Aug. 2, 1990, following Iraq's invasion of Kuwait (search). Bush said the removal of Saddam Hussein (search) ended the need for the sanctions.

"The removal of the regime of Saddam Hussein warrants the termination," Bush stated.

The Treasury Department lifted the sanctions some time ago and the president's action officially recognizes that.

Iraq last year unveiled a plan to open all sectors of the economy — except oil — to foreign investment to revive an economy shattered by years of armed conflict, mismanagement and international sanctions.