Cambodia and Vietnam seek to join the International Tripartite Rubber Council (ITRC), a council with Thailand, Indonesia and Malaysia as its member countries.
The ITRC was formed in December 2001 to ensure stable rubber prices and cooperation among rubber-producing countries.
According to the Plantation Industries and Commodities Ministry in Malaysia, the ITRC is discussing with Cambodian and Vietnamese leaders to come up with the best plan.
“The ITRC aims to strengthen collaboration with Cambodia, Laos, Myanmar and Vietnam (CLMV) as well as China, the major natural rubber (NR) consumer,” the ministry said in a statement.
The ministry said the close cooperation between ITRC and CLMV countries at the 25th ITRC meeting (a two-day event which began on Thursday in Kuala Lumpur) reflected their commitment to match rubber supply with demand and stabilise prices to benefit the rubber smallholders and the industries.
Among the issues discussed at the meeting were work plan on the establishment of a regional rubber market by mid-2016, as a platform for price discovery and hedging.
“The outcome of the 25th ITRC Meeting will be tabled at the ministerial committee meeting in November 2015, which will take stock of the progress and consider new measures to strengthen the ITRC cooperation,” said the ministry.