ASEAN+3 to hike E. Asia emergency rice reserves

ASEAN+3 to hike E. Asia emergency rice reserves

Dow Jones, Manila

The Association of South East Asian Nations plus China, Japan and South Korea, or ASEAN+3, is expected approve an expansion of the East Asia Emergency Rice Reserve (EAERR) to at least 200,000 metric tons beginning next year from 87,000 metric tons, regional officials said on Tuesday.

Japan alone has already committed to earmark 250,000 tons to the EAERR, which exceeds the targeted increase, Philippine National Food Authority administrator Gregorio Tan told a news conference.

Some ASEAN members have committed a total of 50,000 tons to build the EAERR. China, the world's largest producer of rice, is yet to set its contribution volume to the EAERR.

However, Tan said the 10 members of ASEAN could easily commit up to 87,000 tons since member-countries have committed that volume to the ASEAN Emergency Rice Reserve.

On Tuesday, ASEAN+3 began its two-day fifth Project Steering Committee Meeting, where the group is expected to approve the expansion of the rice reserve allocation.

Project Chairman Pinit Korsieporn, deputy secretary general of Thailand's Office of Agricultural Economics, said member countries of ASEAN+3 are expected to formalize their commitment to contribute to the EAERR.

While the ASEAN Emergency Rice Reserve is covered by a written agreement among ASEAN member countries, the creation of the EAERR has yet to be formalized by a formal arrangement, he added.

The Philippines and Indonesia have committed to earmark 12,000 tons each, Thailand, 15,000 tons, Malaysia, 6,000 tons and Singapore, 5,000 tons for the EAERR.

According to Tan, the Philippines has also committed to host an initial stockpile of 25,000 tons for the EAERR.

The rice reserves are intended to ensure food security and reduce poverty by providing food assistance to disaster areas in the region.