Iraq has signed a $1.1 billion deal with South Korea to purchase 24 multi-role light fighters, according to Agence France-Presse from Thursday. 
"It's the biggest order in the history of South Korea's arms exports," a Korea Aerospace Industries (KAI) spokesman told AFP.
Under the agreement, KAI is expected to deliver a T-50IQ, a variant of a T-50 supersonic aircrafts, to Baghdad between 2015 and 2016. The T-50IQ is equipped with precision-guided weapons, missiles and machine guns.
The T-50 represents the Asian nation's "first home-built supersonic aircraft" and was first launched in 2002 and entered "active service" in 2005.
South Korea sold its first T-50 to Indonesia in 2011, and recently finalized deals with Turkey and the Philippines.
KAI is expecting to sign an additional $1 billion deal with Baghdad next year for aircraft parts, equipment and pilot training for a 20-year period.