KL, Bangkok join hands to stabilize rubber prices<\/p>\n
KUALA LUMPUR (AFP): Malaysia and Thailand will set up a joint
\nminister committee to intervene in domestic markets to help
\nstabilize falling rubber prices, reports said Wednesday.<\/p>\n
The joint effort will be a fore-runner to possible regional
\ncooperation, with the two countries to make overtures to
\nIndonesia soon, the New Straits Times daily reported.<\/p>\n
Once Indonesia agrees, this tripartite arrangement will have
\nthe combined clout of the world's three largest rubber producers,
\naccounting for almost 80 percent of global output.<\/p>\n
Malaysian Primary Industries Minister Lim Keng Yaik was cited
\nas saying that joint efforts was necessary in view of the
\nanticipated demise of the International Natural Rubber
\nOrganization (INRO).<\/p>\n
"We feel that the three biggest rubber producing countries
\nshould have a common stand," he said but denied that this was
\ntantamount to creating a cartel.<\/p>\n
Following a meeting with Thai Agriculture and Cooperatives
\nMinister Newin Chidchob on Tuesday, Lim said the two countries
\nwould sign a memorandum of understanding on the joint committee
\nin August in Chiengmai.<\/p>\n
The committee will coordinate domestic market interventions,
\nmanage a joint buffer-stock, as well as facilitate technical
\ncooperation and exchange of research findings and market
\nintelligence.<\/p>\n
It will determine how to manage the rubber stocks, the types
\nof stocks to withhold and how, when and where to dispose them,
\nLim said, adding that Indonesia would be invited to join the
\nplan.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/kl-bangkok-join-hands-to-stabilize-rubber-prices-1447893297",
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"sponsor": "Okusi Associates",
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