KL plans rubber price talk

KL plans rubber price talk

KUALA LUMPUR (AFP): Malaysia will initiate talks with Thailand
and Indonesia to jointly map out new strategies to boost rubber
prices, which remain at 30-year lows, officials said Tuesday.

Primary Industry Minister Lim Keng Yaik is to make a three-day
visit to Bangkok from Thursday, where he will meet Thai Deputy
Minister of Agricultural and Cooperatives Arkom Angchoun, an aide
told AFP.

"They will sign a memorandum of understanding on Friday to
enhance bilateral cooperation in the rubber industry," he said.

The two leaders will also discuss ways to persuade Indonesia
to join forces to halt flagging rubber prices following the
failure of the International Natural Rubber Organization (INRO),
he added.

Thailand is the world's largest rubber producer, followed by
Indonesia and Malaysia. The three countries account for almost 80
percent of world production.

Both Malaysia and Thailand have announced their intention to
leave INRO, claiming the organization had failed to stabilize
rubber prices despite substantial contributions from members.