Rubber cartel to include Vietnam

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Vietnam has agreed to join a tripartite rubber committee in an attempt to coherently stabilize rubber prices in the global market, Deputy Agriculture Minister Nattawut Saikua said last Friday.

He said he met with Vietnam’s agriculture minister and industry and trade minister, both of whom agreed in principle with the rubber cartel.

The original tripartite rubber committee is comprised of Thailand, Malaysia and Indonesia. Thailand will host a meeting with member countries in December.

“It is a good sign if Vietnam joins the tripartite body. The total rubber production of the four countries represents 80 percent of the global supply,” he said, adding that the cartel will strengthen member countries in setting rubber prices.

He said prices of rubber in Thailand have steadily increased.