KUALA LUMPUR (Nov 20): The ministerial committee of the International Tripartite Rubber Council (ITRC) has set an 18-month target to establish a regional rubber market as one of its measures to strengthen rubber prices, said Plantation Industries and Commodities Minister Datuk Douglas Uggah Embas.
Speaking to reporters here today, Uggah said the regional rubber market would serve as a platform for better price discovery and effective hedging benefitting producers, consumers and market players.
"The progress towards the establishment of a regional rubber market is on its way. At the moment, I am unable to disclose the full mechanism of how it will work, as a full report towards this goal will only be released by year-end. So we have to wait and see," he added.
ITRC is a rubber industry consortium consisting of Thailand, Indonesia and Malaysia. Together, the three countries currently account for 67% of global natural rubber production and 79% of the global natural rubber export.