INRO opens talks on new price pact<\/p>\n
KUALA LUMPUR (AFP): The International Natural Rubber
\nOrganization (INRO) yesterday opened talks on a new price pact
\nwhich lacks the crucial support of key exporting members for
\nimplementation.<\/p>\n
Malaysia and Indonesia, locked in a dispute for INRO's top
\npost, made no clear commitments yesterday to ratify the new third
\nInternational Natural Rubber Agreement (INRA III), delegates
\nsaid.<\/p>\n
Without the two key exporters, INRA will not garner sufficient
\nexporter votes for it to come into force on Jan. 1, although key
\nconsumer nations have given their support, they said.<\/p>\n
A decision by the European Union Monday to \"provisionally
\nimplement\" the accord from Jan. 1 means that countries
\nrepresenting 77 percent of world rubber importers have agreed to
\nratify the agreement concluded in February.<\/p>\n
This has exceeded the 75 percent of votes which must be
\ngathered from consumers for the new accord to come into force to
\nreplace INRA II, which expired in December last year.<\/p>\n
But INRO rubber exporters have yet to give their required 75
\npercent backing.<\/p>\n
Both Malaysia and Indonesia are vying for the INRO executive
\ndirectorship, and Kuala Lumpur has threatened not to ratify INRA
\nIII and abandon INRO if it fails to win the post, now held by
\nThailand's Pong Sono.<\/p>\n
INRO's buffer stock manager James Hegarty said he was
\noptimistic INRA III could be ratified and implemented on
\nschedule.<\/p>\n
Several countries have indicated they should complete
\nratification of INRA III by the end of the year,\" Hegarty told
\nAFP at the end of the first of INRO's two-day semi-annual talks.
\nHe did not name the countries.<\/p>\n
\"The mood was very positive when the status of the agreement
\nwas reviewed, \" Hegarty said, but declined to touch on the
\nMalaysia-Indonesia dispute.<\/p>\n
Delegates said a clearer picture on the dispute could emerge
\non Friday.<\/p>\n
So far, those who have ratified or have provisionally agreed
\nto do so are Japan, Spain, Greece and Austria representing the
\nconsumers and Thailand, Nigeria and Sri Lanka from the producers
\nside.<\/p>\n
The Kuala Lumpur-based INRO, which groups six producing
\nmembers and 21 consuming members, administers INRA through a
\nbuffer stock mechanism to buy and sell rubber to stabilize
\nprices.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/inro-opens-talks-on-new-price-pact-1447893297",
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"sponsor": "Okusi Associates",
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