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.

MOST VIEWED

  • US imposes sanctions on Oknha Pheap and Kun Kim

    The Ministry of Foreign Affairs and International Cooperation expressed strong dismay on Monday over the designation of Cambodian tycoon Oknha Try Pheap and General Kun Kim under the US’ Global Magnitsky Act. “It is very disturbing when the public figures of a country become the

  • Mother, daughter killed in hotel fire

    The bodies of a mother and daughter were found locked in an embrace after they were killed in a hotel fire in Phnom Penh at around 3:30am on Wednesday at the Phkar Chhouk Tep 2 Hotel and Restaurant in Phsar Doeum Kor commune, in the capital’

  • EBA withdrawal a destruction of EU achievements, PM says

    Prime Minister Hun Sen said the EU’s possible suspension of its Everything But Arms (EBA) agreement amounted to a destruction of its achievements in the Kingdom and the demise of the opposition group. Hun Sen made the remarks while addressing more than 6,700 students during

  • Rights Day forum denied in Sihanoukville

    The Preah Sihanouk provincial administration last Saturday denied the request of land communities for a public location in the province to celebrate International Human Rights Day 2019 as the administration had already held forums to discuss land issues. However, the land community representatives said they would

  • Kingdom calls on Japan to increase number of direct flights to Siem Reap, Phnom Penh

    Cambodia is requesting Japan to increase the number of direct flights from Japanese cities and provinces to Phnom Penh and Siem Reap, so as to contribute to increasing cooperation and tourist numbers between the two countries. During the opening ceremony of 3rd Japan Travel Fair

  • US told to refrain from interfering in Sokha case

    Senior Cambodian officials said on Thursday that the US can monitor Kem Sokha’s trial as it wishes but would not be allowed to interfere in court procedures. The point was made in response to US Secretary of State Mike Pompeo’s comments on Wednesday