Vietnam accepts invitation to join ITRC
(VOV) -A Special Meeting of the International Tripartite Rubber Council (ITRC) attended by officials from Thailand, Indonesia and Malaysia was held on May 8 in Kuala Lumpur, Malaysia.
Vietnam Minister of Agriculture and Rural Development Cao Duc Phat was in attendance at the meeting by special invitation to discuss cooperation with the ITRC in supporting mechanisms to improve natural rubber prices.
During the meeting Douglas Uggah Embas, the Malaysian Minister of Plantation Industries and Commodities (MPIC) extended an invitation to Minister Phat to become a full member of the ITRC.
Minister Phat graciously accepted the invitation and said he was confident that the four countries working collaboratively would be able to establish up a common trading platform to halt the declining global price of rubber.
The four major rubber producing countries – Thailand, Indonesia, Vietnam and Malaysia – account for 75% of the world’s rubber production.
The price of natural rubber has dropped over the past year, negatively affecting sustainability of the industry.