North Korea has defied a half-dozen Security Council resolutions since 2006 over its nuclear and missile development, which the North Korean leader, Kim Jong-un, has called a necessary and just response to military threats from the United States and South Korea.
The US-drafted resolution prohibits North Korean exports of coal, iron, iron ore, lead, lead ore, and seafood, also banning increasing the current numbers of North Korean laborers working overseas, new joint ventures with Pyongyang, and new investment in joint ventures.
The U.S. -drafted measure, negotiated with North Korea's neighbor and ally China, is aimed at increasing economic pressure on Pyongyang to return to negotiations on its nuclear and missile programs.
Last month, North Korea tested two ballistic missiles capable of reaching the United States.
The sanctions, which target North Korea's foreign currency earnings, ban its exports of coal, coal, iron, iron ore, lead, lead ore and seafood.
Discussions are also under way for a US$3 billion railway project to connect Manila to Bicol, one of the poorest areas in the country's south.
ANKIT PANDA: The United States was able to get a pretty strong resolution here that will hit North Korea where it hurts economically.
JOHN DELURY: The two previous South Korean governments essentially bought into a sanctions approach to try and stop North Korea, and it hasn't worked.
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Southeast Asia's top diplomats have criticised North Korea over its intercontinental ballistic missile (ICBM) tests.
North Korea has already faced a decade's worth of ever-increasing sanctions backed by the USA and its allies. "The ball is North Korea's court".
China's Ambassador Liu Jieyi said his country denounced unilateral sanctions by the USA and said action against North Korea must be through the United Nations mechanism.
Tillerson did not meet with North Korea's envoy, Ri Yong Ho.
Earlier, U.S. President Donald Trump praised the UN Security Council for implementing the new sanctions saying they will have a significant economic impact. The potential meetings come as the North faces intense worldwide pressure to curtail its nuclear weapons programme.
Philippine foreign secretary Alan Peter Cayetano said the ministers were divided over a U.S. proposal to suspend the North from the ASEAN Regional Forum, which will hold its annual meeting on Monday. "North Korea should forgo the path of provocation, forgo the path of further escalation".
The two drafts highlight China's growing regional clout at a time of uncertainty whether the new USA administration will try to check Beijing's assertiveness in the disputed waters.