Search

Search form

Logo of Phnom Penh Post newspaper Phnom Penh Post - Regional officials meet over rubber fall

Regional officials meet over rubber fall

Regional officials meet over rubber fall

Officials from Southeast Asia’s natural rubber-producing nations met in Kuala Lumpur yesterday for the 12th International Tripartite Rubber Council (ITRC).

Cambodia, Laos, Myanmar and Vietnam (CLMV) joined ITRC core nations – Thailand, Indonesia and Malaysia – for the event, which is being touted as a joint effort to stabilise the region’s natural rubber prices.

Malaysia’s Ministry of Plantation Industries and Commodities (MPIC) announced on Monday that ITRC nations – Thailand, Malaysia and Indonesia – will consider reducing exports in an effort to strengthen natural rubber prices, and will “explore” opportunities with CLMV nations.

“This is aimed at strengthening cooperation among NR [natural rubber] producing countries in the region. ITRC and CLMV countries collectively account for 73 per cent of global NR production,” the MPIC announcement said.

Ly Phalla, director general of the Agriculture Ministry’s General Directorate of Rubber, attended yesterday’s meeting and said he was hopeful that some of the larger rubber producing nations would help to improve price concerns in the industry.

“Once those major rubber producing countries slow down their production, the price will be better,” Phalla told the Post.

Global rubber prices have declined dramatically since April 2011, from $2.65 per pound to less than 74 cents in October this year, according to data from the Singapore Commodity Exchange.

RECOMMENDED STORIES

  • Breaking: PM says prominent human rights NGO ‘must close’

    Prime Minister Hun Sen has instructed the Interior Ministry to investigate the Cambodian Center for Human Rights (CCHR) and potentially close it “because they follow foreigners”, appearing to link the rights group to the opposition Cambodia National Rescue Party's purported “revolution”. The CNRP - the

  • Rainsy and Sokha ‘would already be dead’: PM

    Prime Minister Hun Sen on Sunday appeared to suggest he would have assassinated opposition leaders Sam Rainsy and Kem Sokha had he known they were promising to “organise a new government” in the aftermath of the disputed 2013 national elections. In a clip from his speech

  • Massive ceremony at Angkor Wat will show ‘Cambodia not in anarchy’: PM

    Government officials, thousands of monks and Prime Minister Hun Sen himself will hold a massive prayer ceremony at Angkor Wat in early December to highlight the Kingdom’s continuing “peace, independence and political stability”, a spectacle observers said was designed to disguise the deterioration of

  • PM tells workers CNRP is to blame for any sanctions

    In a speech to workers yesterday, Prime Minister Hun Sen pinned the blame for any damage inflicted on Cambodia’s garment industry by potential economic sanctions squarely on the opposition party. “You must remember clearly that if the purchase orders are reduced, it is all