Thai government to push for realization of G2G rice purchase deals by July

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BANGKOK, 23 June 2012  – The government is determined to conclude a number of government-to-government rice purchase deals while expressing confidence to boost Thai rice prices in the world market.

Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong said on Friday that his discussion with the Commerce Ministry and other state agencies involved in the release of the government’s rice stockpile under the 2011/2012 rice pledging program has raised the issue of government-to-government or G2G rice sales in July.

Mr. Kittiratt said that the discussed timing is deemed suitable as it is the time when most of the world’s leading rice exporters, such as India, Myanmar, Cambodia and Vietnam, will have shipped out their stock.

As a result, from July to December, Thai rice will see minimal competition and a high chance to boost the prices, said the Deputy PM.

Mr. Kittiratt stated that all agencies are yet to draw a conclusion on the amount of rice to be included in the upcoming G2G deals as the working committee led by the Commerce Minister is in the middle of a series of overseas trips to discuss the purchases with various markets.

The Deputy Prime Minister added that Thailand will likely be able to sell up to 1 million tons of rice to the Indonesian government soon, while progress of other negotiations will be constantly reported to the government until all talks are completed.