Illustrative image (Photo: VNA)
Vietnam and Cambodia have showed their interests in joining the International Tripartite Rubber Council (ITRC), which currently consists of Thailand, Indonesia and Malaysia.

The Cambodian Ministry of Plantation Industries and Commodities said on September 11 that officials of ITRC, Cambodia and Vietnam recently gathered for discussions to explore approaches which would best suit the two countries’ situation, according to Bernama.

They also sought ways to strengthen collaboration between the ITRC and Cambodia, Laos, Myanmar and Vietnam (CLMV), as well as China – one of the world’s major natural rubber consumers.

According to the ministry, the ITRC had also invited CMLV countries, which are also major rubber producing countries, to participate in the 25th ITRC Meeting on September 10-11 in Kuala Lumpur, Malaysia. Close cooperation between ITRC and CLMV countries at the meeting reflected their commitment to improving the match between rubber supply and demand to stabilise prices for the benefit of the rubber smallholders and the industries.

Among the issues discussed during the meeting was a work plan on the establishment of a Regional Rubber Market by mid-2016, as a platform for price discovery and hedging.

The ITRC was established in December 2001 to promote cooperation among the major natural rubber producing countries towards ensuring stable prices.

The ITRC and CLMV countries collectively account for 73 percent of global natural rubber production.-VNA