Draft statement does not include specific mention of China's activities in disputed area.
US leader told town hall in Laos he hopes next president continues focus on Asia Pacific.
Obama and Suu Kyi are expected to discuss the easing of sanctions against Myanmar.
During visit to Laos, president says region's importance will increase in coming years.
President Barack Obama is seeking to reassure nations in Southeast Asia that the U.S. is firmly committed to its rebalance to the region during his historic trip to Vientiane, Laos this week.
Obama will be the first US president to visit Laos when he travels to Vientiane for the ASEAN and East Asia summits.
On concluding day of talks, US and Southeast Asia leaders reaffirm 'strong commitment to a regional order’ where rights of all nations are upheld, US president says.
The US president will host all 10 Association of Southeast Asian Nations (ASEAN) at the historic Rancho Mirage retreat in Sunnylands, California.
In Sunday speech to nation, president said there is no evidence yet that San Bernardino shooters were directed by any terrorist organization overseas or part of any broader conspiracy in US.
President delivers strong message against terrorism at closing of annual ASEAN meeting and adjoining East Asia Summit
White House officials say concerns over Beijing’s territorial claims in South China Sea will be high on President Barack Obama’s agenda as he meets with regional leaders during Association of Southeast Asian Nations.
The White House announced a package of up to $259 million in new aid over the course of two years.
Talks expected to include alleged Chinese cyber spying, Beijing's economic practices and territorial disputes in South China Sea.