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13 August 2017, 03:12 | Terri Saunders
UN Security Council approves new sanctions against North Korea
"Tighter sanctions and added pressure from the US could make it even more hard for North Korea to push through some future contracts as countries could think twice about buying from North Korea at this time", echoed Omar Lamrani, senior military analyst at geopolitical intelligence firm Stratfor.
According to the Yonhap News Agency, the meeting took place on Sunday on the sidelines of the 50th ASEAN Foreign Ministers' Meeting (AMM) and Related Meetings, which is now underway in Manila.
Kono called for collaboration to increase pressure on Pyongyang to curb its nuclear and missile ambitions and resolve the issue of North Korea's past abductions of Japanese nationals, the official said.
It said the resolution showed the United Nations had abused its authority.
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Foreign ministers from the 10 Association of Southeast Asian Nations members plus Japan, China and South Korea agreed Monday they will bolster financial cooperation to promote economic stability in the region.
Malaysian Minister of Foreign Affairs Dato' Sri Anifah HJ Aman, during the same meeting, said the USA is a vital partner of the ASEAN "with solid relations encompassing wide areas of cooperation".
The new sanctions will block the export of iron ore, lead, iron, coal and seafood, and will reportedly prevent the North Korean regime from raising $1 billion annually.
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The group also defended the Kim Jong Un regime's development of nuclear weapons, calling the policy a "fair and square" decision. It also prohibits countries from increasing the numbers of North Korean laborers now working overseas, bans new joint ventures with North Korea and any new investment in current joint ventures.
Tillerson would not spell out a deadline for North Korea to respond to the diplomatic overture.
"ASEAN wants North Korea to know ASEAN is concerned, but also wants to engage North Korea", he said, adding he hoped "this dialogue will deescalate tension". He says he won't give a concrete timeframe but that the USA will "know it when we see it".
"There is now a much greater effort.to cut Pyongyang's diplomatic ties in the developing world and raise awareness of various United Nations resolutions", said Karl Dewey, an analyst focused on chemical, biological, radiological and nuclear assessments at defense researcher IHS Jane's. And the White House says they committed to fully implement all relevant resolutions and to urge the global community to do so as well. "We warn North Korea not to test or misunderstand the will of the South Korea-U.S. alliance". He said the program was a rational "strategic option" in case of attack by the US, the Washington Post reported.
"Owing to China's traditional economic ties with North Korea, it will mainly be China paying the price for implementing the resolution", the statement cited Wang as saying.
One of the secondary sanctions efforts deals with jurisdictions that are non-compliant with United Nations resolutions, Stephan Haggard, visiting fellow at the Peterson Institute of International Economics, said in a Monday note.
But he applauded the Security Council vote on Twitter.
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About 6.22 billion shares changed hands on USA stock exchanges, slightly above the 6.15 billion average for the last 20 sessions. It soared over 2 percent in the previous two sessions, and is set for a weekly gain of 2.25 percent.
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