The election of Barack Obama as president would not lead to a quick disengagement policy by Washington in Iraq as a `great deal is at stake here,` Iraqi Foreign Minister Hoshyar Zebari said on Wednesday.

`We believe this is the decision of American voters. We respect their will. But there are many upcoming challenges,` Zebari told AFP after Obama`s Republican opponent John McCain conceded defeat to the Democrat.

`We don`t think there will be change in policy overnight. There won`t be quick disengagement here. A great deal is at stake here,` Zebari said, adding that Baghdad was looking for a `successful parternship` with Obama.