Thailand, two neighbours agree on measures to raise rubber prices

BANGKOK, August 16 (TNA) - Deputy Agriculture and Cooperatives Minister Natthawut Saikua says that Thailand, Indonesia and Malaysia have agreed to cut their rubber exports and to fell old rubber trees to raise rubber prices on the world market. Natthawut told journalists on Thursday that the agreement was made at the latest meeting of the International Tripartite Rubber Council of the three neighbouring countries. Under the agreement, Thailand, Indonesia and Malaysia will cut their rubber exports by 300,000 tons, fell their old rubber trees in a combined area of 100,000 rai or 160 square kilometers and grow new plants there, with rubber farmers to receive 16,000 baht per rai or 1,600 square meters in compensation. The deputy minister acknowledged that the agreed replantation should cut rubber exports by 150,000 tons, with Thailand planning to make the highest cut among the three neighbouring countries in the Association of Southeast Asian Nations (ASEAN), and that reviews would be jointly made regularly by three neighbours with more measures to be implemented if the agreement failed to raise the rubber prices on the world marker. According to the deputy agriculture minister, a meeting of the Thai Rubber Association and rubber operators is to be held to inform them of their new export quotas and the updated situation. (TNA)