KUALA LUMPUR, Malaysia -- Malaysia, Thailand and Indonesia have committed to withhold exports of 350,000 tonnes of natural rubber (NR) under the implementation of the Agreed Export Tonnage Scheme (AETS) with immediate effect until March 31, 2018.
The International Rubber Consortium Ltd (IRCo), in a statement today, said this would be implemented through their respective domestic regulators, including addressing business commitments under existing forward contracts.
AETS implementation will be closely monitored by the International Tripartite Rubber Council (ITRC) Monitoring and Surveillance Committee, it said.
Malaysia, Thailand and Indonesia pledged to implement and comply with the AETS at the ITRC Senior Officials Meeting in Bangkok, today.
IRCo said three countries would also cooperate to increase NR consumption domestically, including using NR in various sectors such as transportation, infrastructure, sports, health, consumer goods and other suitable areas.
Thailand, Indonesia and Malaysia are confident that with the joint implementation of these measures, the NR prices will recover and continue to be fair and remunerative to all rubber smallholders and other stakeholders in the NR industry, IRCo added.
Source: NAM NEWS NETWORK