Vietnam will be joining the International Tripartite Rubber Council (ITRC), according to Bachrul Chairi, director general for international trade cooperation at the Trade Ministry in Vietnam.
ITRC’s original members (Indonesia, Thailand and Malaysia) welcomed Vietnam’s plan to join with the natural rubber producers’ association.
“Certainly, this is a great move to strengthen [rubber] producing countries’ position,” Bacrul said to Tempo.co.
Bachrul explained that the current ITRC members supplied 67 percent of the world’s rubber. With Vietnam on board, ITRC’s production would account for 76 percent of the total supply.
The ITRC members had scheduled a meeting in Jakarta to discuss Vietnam’s membership and efforts to balance rubber demands and supplies. Indonesian Trade Minister Thomas Lembong had been scheduled to lead the ministerial meeting that would be attended by Thai Agricultural and Cooperative Minister Gen. Chatchai Sarikulya and Malaysian Plantation and Commodity Minister Datuk Amar Douglas Uggah Embas.
“As rubber producing countries, the three countries are committed to maintain the balance of rubber supplies and demands,” Bachrul said to Tempo.co.