JAKARTA, Feb 4 (Bernama) — Malaysia is confident that a joint effort by International Tripartite Rubber Council (ITRC) member states to reduce rubber exports would enable the price of the commodity to recover.
Plantation Industries and Commodities Minister Datuk Seri Douglas Uggah Embas said about 615,000 tonnes of rubber would be reduced from the international market in the next six months beginning March 1.
“The proposal was approved by ITRC at a ministerial-level meeting in Bangkok today.
“The move is justified as we want to offset falling rubber prices by controlling stock dumping that is happening now,” he told reporters after attending the Council of Palm Oil Producing Countries meeting, here today.
The ITRC member states, namely Malaysia, Indonesia and Thailand, have agreed to reduce rubber exports and focus on domestic markets for the next six months.
During the period, Thailand agreed to reduce exports by 324,025 tonnes, Indonesia (238,736 tonnes) and Malaysia (52,249 tonnes).
–BERNAMA
