KUALA LUMPUR (Nov 17): The 12th International Tripartite Rubber Council (ITRC) Ministerial Committee Meeting here this Thursday is expected to consider the proposal on the viability on the establishment of a regional rubber market, a Bernama report said.

In a statement today, the Ministry of Plantation Industries and Commodities said the proposal, which would provide for price discovery and hedging activities, was among the issues that would be considered during the meeting.

"The meeting is also expected to consider strengthening statistical analysis under ITRC and explore collaboration with other natural rubber-(NR) producing countries in Asean including Cambodia, Laos, Myanmar and Vietnam," it said.

Bernama reported that the upcoming meeting is expected to focus discussions on reviewing the progress made under the supply management scheme, which involved balancing supply and demand for NR in the longer term.

The other areas included – impact of the implementation of the agreed export tonnage scheme as a short-term measure to strengthen NR prices and cooperation to increase domestic consumption of NR and exchange of information on the development of new products.

ITRC countries, Cambodia, Laos, Myanmar and Vietnam collectively account for 73% of global NR production.