ITRC, not very successful in stabilising rubber prices: Datu Nasrun

Datu-NasrunInternational Tripartite Rubber Council (ITRC) collaboration has not been very successful in stabilising global natural rubber (NR) prices as two member countries, Thailand and Indonesia, failed to adhere to the programme set out.

Deputy Plantation Industries and Commodities Minister Datuk Datu Nasrun Datu Mansur said top rubber producing countries, Thailand, Indonesia and Malaysia who were also members of the ITRC, were supposed to comply with the Agreed Export Tonnage Scheme (AETS), aimed at stabilising natural rubber prices and develop sustainable production.

Nevertheless, he said other initiatives introduced by the ITRC managed to curb prices from eroding further and helped boost prices, at least in the short term.

“ITRC member countries currently account for about US$67 of the total NR produced in the world.

“Hence, initiatives introduced by the council have been able to influence NR prices to a certain extent only and not comprehensively,” he said in reply to Datuk Hgeh Koo Ham (DAP-Beruas) who asked why the ITRC has not been able to stabilise NR prices at a satisfactory level.