The United Nations Security Council voted unanimously Saturday to impose new sanctions on North Korea over the country's long-range missile tests last month.
Both sanctions against North Korea's nuclear and missile programmes and resumption of the six-party talks are important and neither should be neglected, Chinese Foreign Minister Wang Yi said on Sunday.
Representatives from Southeast Asian countries plan to discuss at the summit what other action to take in response to North Korea's recent missile tests. The resolution significantly strengthens the sanctions on the DPRK, imposing a full ban on the export of coal, iron and iron ore from the country. It also prohibits countries from increasing the number of North Koreans working overseas and bans new joint ventures with the North as well as any new investment in current joint ventures.
Coal revenues accounted for around 40% of North Korea's export earnings in 2016, at a value of nearly USD1.2 billion, according to the US Energy Administration.
The Security Council has already imposed six rounds of sanctions that have failed to halt North Korea's drive to improve its ballistic missile and nuclear weapons capabilities.
He said China believes these are the purposes of the new resolution. "It was not a good day for North Korea", she said.
"This resolution is the single largest economic sanctions package ever leveled against the North Korean regime", she said.
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In addition, the sanctions place nine individuals and four entities on the United Nations blacklist, including a global asset freeze and travel ban on North Korea's primary foreign exchange bank.
While the draft resolution would impose biting economic sanctions, the USA didn't get everything it wanted.
North Korea has repeatedly said it will never give up its nuclear arsenal, which it sees as a guarantee of its security. This year, Pyongyang was estimated to earn $251 million from iron and iron ore exports, $113 million from lead and lead ore exports, and $295 million from seafood exports, the diplomat said. It would also impose an asset freeze on two companies and two banks.
Negotiations for the new resolution began after Pyongyang conducted its first test of an ICBM on July 4.
It would also give a green light for the committee to designate specific vessels that are breaking sanctions from entering ports all over the world, and to work with INTERPOL to enforce travel bans on North Koreans on the sanctions blacklist. But he also called on the United States and South Korea to 'stop raising tensions on the Korean Peninsula, ' in apparent reference to the systematic military means deployment in the region and attempts to block Pyongyang economically and diplomatically.
China has always insisted on realizing the denuclearization of the Korean Peninsula, upholding peace and stability there and seeking a solution through dialogue and consultation.