Western powers reached agreement with North Korea’s key allies Wednesday on a proposal that would impose tough new sanctions on the reclusive communist nation’s weapons exports and financial dealings, and allow inspections of suspect cargo in ports and on the high seas.

The draft U.N. resolution, which must still be approved by the Security Council, is aimed at preventing North Korea from obtaining and exporting material and know-how to produce nuclear weapons and ballistic missiles, and from getting the money to finance the program.

U.S. Ambassador Susan Rice presented the draft resolution to the 15-member council, calling it “a very strong, very credible” response to North Korea’s second nuclear test on May 25 in defiance of a Security Council resolution adopted after its first underground atomic blast in October 2006.