More details on rubber price support package

ERJ staff report (DS)

Bangkok -- The International Tripartite Rubber Council has Issued a Ministerial statement clarifying its position on rubber prices. Yesterday the Council said it would act to support rapidly-falling prices. The statement reversed the downward price trend on Thursday and Friday.

In a statement, the Ministers said, "The Governments of Thailand, Indonesia and Malaysia have finalised the mechanism for the implementation of Agreed Export Tonnage Scheme (AETS). Under the AETS, the three Countries will withdraw exports of 300,000 tonnes of NR. The three countries also agreed to accelerate the replanting programme of 100,000 hectares which will result in further reduction of export by 150,000 tonnes. With these two measures, a total of 450,000 tonnes of NR will be withdrawn from the market."

Dow Jones published a series of reports on the deal, which were re-published on the website of the International Runner Consortium (IRCo)

The reports said the ITRC will continue to review the scheme and its effects on the price. Thai Deputy Agriculture and Cooperatives Minister Nattawut Saikuar was quoted saying The Council will meet again in early September and may take further measures.

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