Thailand will quit INRO

Thailand will quit INRO

BANGKOK (Reuters): Thailand, the world's top natural rubber producer and exporter, is leaning towards pulling out of the International Natural Rubber Organization (INRO), a government minister said on Wednesday.

Deputy Agriculture Minister Somchai Sunthornwat said his ministry would soon propose to the cabinet that Thailand withdraw from the agency after it ignored the country's plea to raise intervention prices to meet bearish market conditions.

"I don't think anyone in the cabinet will oppose the proposal. I hope not. So far, my fellow ministers and members of parliament have asked me on several occasions why we should remain in the organization," he said.

"The proposal will be submitted within this month through the Natural Rubber Policy Committee," he added.

Malaysia, a major rubber producer, has confirmed it will quit the organization by Oct. 15 next year.