Published: Sat, January 13, 2018
Worldwide | By Isabel Fisher

Morneau issues order to banks on North Korea

Morneau issues order to banks on North Korea

Without the participation of key parties in the Korean Peninsula nuclear issue, such a meeting would not help resolve issue properly.

"In terms of how big of an impact it (falling trade) had on North Korea, there was definitely impact because some of their products could only go to China while others could only be imported from China", said Chen Fengying, an economics expert at state-backed China Institutes of Contemporary International Relations.

More curious is the summit's guest list, made up of so-called "sending countries" that contributed troops to the United Nations force in the Korean War.

The Canadian government is keeping a tight lid on which countries have been invited and plan to attend Tuesday's meeting, which Foreign Affairs Minister Chrystia Freeland is organizing with U.S. Secretary of State Rex Tillerson.

China, the main source of North Korea's fuel, did not export any gasoline, jet fuel, diesel or fuel oil to its neighbour in November.

"We will be discussing with our partners and allies the kind of steps that we can take on maritime interdiction and also to be cutting, disrupting funding and disrupting resources", he said.

Trudeau said Canada "looks forward" to engaging with worldwide partners at the summit. But there was a desire on the Canadian side to invite the Chinese to Vancouver for side meetings.

"We do not consider it possible to support an event that could lead to an aggravation of the already tense situation on the Korean Peninsula ..." All parties should work to defuse tensions and promote dialogue, rather than blindly resort to pressure and isolation.

After North Korea tested its most powerful nuclear device yet and launched missiles capable of reaching the USA, the UN Security Council imposed a series of sanctions restricting oil imports and cutting off about 90 percent of its export revenue. "This is not an alternative to everything that we are doing", Hook said.

China has criticized an upcoming meeting of foreign ministers in Canada to discuss ways to increase pressure on North Korea.

In 2017 as a whole, China's overall trade with North Korea declined by more than 10 percent to about $5 billion, as U.S. President Donald Trump secured Beijing's backing for four escalating rounds of sanctions.

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