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China says willing to pay the price for new N.Korea sanctions

China says willing to pay the price for new N.Korea sanctions

South Korean Foreign Minister Kang Kyung-wha met with US Secretary of State Rex Tillerson and Japanese Foreign Minister Taro Kono in Manila on the sidelines of meetings hosted by the Association of Southeast Asian Nations.

"We will be monitoring that carefully and certainly having conversations with any and all that we see who may not be fully embracing not just the spirit of those sanctions but the operational execution of those sanctions", Tillerson said. In a joint statement at the end of a meeting of their foreign ministers in Manila, the three countries said new sanctions on North Korea should be strictly implemented.

He remarked the world's largest economy has been ASEAN's partner for a long time now, with the ASEAN-US relations now on its 40th year.

China's foreign minister said on Sunday it would be not be easy to restart six-party talks about North Korea's nuclear program and missile tests, but dialogue was necessary and all sides should work towards that goal.

The new sanctions include the full ban on the export of coal, iron and iron ore from the North Korea.

Seoul had recently tested the missile shield successfully amid tests carried out by North Korea.

North Korea, meanwhile, threatened a "thousands-fold" act of revenge against the United States on Monday for the UN sanctions passed Saturday, the Associated Press reported.

The latest United Nations resolution bans North Korean exports of coal, iron, iron ore, lead, lead ore and seafood.

The United States does not seek regime change, the collapse of the regime, an accelerated reunification of the peninsula or an excuse to send the USA military into North Korea, Tillerson said.

European markets end lower amid geopolitical tensions
Ten-year USA yields dropped 4.3 basis points to 2.24 per cent and German equivalents fell 3 bps to 0.43 per cent, a six-week low. It is now on track for its biggest weekly drop since the week before the November 8 USA presidential election.

The ARF is an annual security gathering involving foreign ministers from almost 30 nations including China, Japan, South Korea, the United States and the ASEAN members.

North Korea is ready to give the United States a "severe lesson" with its strategic nuclear force if it takes military action against it, and will not put its nuclear program or its missiles on the negotiating table, it said in a statement to a regional meeting on Monday.

Later on Saturday, the Security Council in NY unanimously passed a resolution that imposes even tougher sanctions aimed at depriving the communist state of up to $1 billion in annual revenue from exports of coal, iron, iron ore and other products, news reports said.

The resolution is the sixth on North Korean to be adopted by the Security Council since 2006 (the previous ones are resolutions 1718, 1874, 2087, 2094 and 2270), and despite China having voted in favor of each one, there is scant evidence that it has implemented them robustly.

Robespierre Bolivar, spokesman for the Philippine foreign ministry, said the statement was "consistent" with the regional bloc's position on the Korean Peninsula.

Kang is echoing Tillerson's praise for the sanctions approved Saturday by the U.N. Security Council.

"They're nearly going from sanctions to embargo and really trying to slam the North Korean economy", Delury said. Kang is thanking the USA for consulting with South Korea on the sanctions.

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