TOKYO, Nov. 24 (Xinhuanet) -- The Japanese and Iraqi foreign ministers signed an agreement Thursday on Japan's waiving 80 percent of the debts owed by Iraq.

    Japanese Foreign Minister Taro Aso and visiting Iraqi Foreign Minister Hoshyar Mahmoud Zebari signed the debt relief documenta ccording to an agreement reached on the creditors' conference held in Paris on Nov. 24, 2004, the Japanese Foreign Ministry said.

    The debts cancellation involving 710 billion yen (6.1 billion US dollars) will be completed through three stages. Iraq will repay its remaining debt to Japan over 23 years, including a six-year grace period.

    Japan ranks first among Paris Club creditor countries in termsof credit, followed by France and Germany.

    Japan also has deployed about 600 troops in southern Iraq onmission of humanitarian assistance. The Japanese government has to decide weather to extend the operation before it ends on Dec. 14.Enditem