The world's three largest natural rubber producers, Thailand, Indonesia and Malaysia, plan to meet next week to establish a mechanism to ensure stable prices, Malaysia Rubber Board chairman Wira Ahmad Hamzah was quoted as saying Sunday.
Officials from major importers including China and India are expected to attend the meeting, which will discuss long-term plans for annual rubber exports from the three countries and rubber tree replanting schemes, Bernama News Agency reported.
The International Tripartite Rubber Council, comprising the three countries, agreed August 17 to cut 2012 natural rubber exports by 300,000 mt.
The three countries also agreed to accelerate a 100,000 hectare replanting program, which will result in a further reduction of 150,000 mt of exports in 2012.
Combined, the two measures will take a total 450,000 mt of natural rubber out of the export market.
Under the August 17 agreement, Thailand will cut its natural rubber exports by 150,000 mt, Indonesia by 100,000 mt and Malaysia by 50,000 mt.
