Vietnam invited to join International Tripartite Rubber Council

At a meeting of the International Tripartite Rubber Council (ITRC) held in Kuala Lumpur on January 19, three founders, Malaysia, Indonesia and Thailand, invited Vietnam to join the council and International Rubber Consortium Ltd.

With the presence of Vietnam, the world’s fifth largest natural rubber producer, the ITRC can increase its total production from 70 percent to 76 percent and raise its export market share from 84 percent to 93 percent, said Plantation Industries and Commodities Minister Tan Sri Bernard Giluk Dompok. Also, by joining the council, Vietnam will strengthen cooperation with rubber producers.

After the meeting, Dompok told reporters about measures being undertaken by the ITRC in mitigating fluctuations in rubber prices due to the global recession.

The ministers were pleased with the positive results of the Supply Management Scheme and Agreed Export Tonnage Scheme, which have contributed to the improvement in natural rubber prices. At present, rubber prices are edging up over US$3.00 per kg, Dompok noted.

The ITRC ministers emphasised the need to monitor the world demand-supply situation for natural rubber and take appropriate measures to counter a negative price trend which would reduce the income of over three million rubber smallholder households in the three ITRC countries.

Tags: International Tripartite Rubber Council, Vietnam Rubber