Wednesday, August 19, 2009

ASEAN plans to create rice cartel

August 19, 2009

JAKARTA (Commodity Online) : In an attempt to sustain a credible system for rice trading and production, major south east Asia rice producers have decided to form a rice cartel.

Major ASEAN rice-producers Thailand, Vietnam, Laos, Cambodia and Myanmar plan to form an association following Cambodia’s initiative at the ASEAN Summit in Cha-am in late February.

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The initiative focuses on price stabilization, food security in the region and rice development, aiming for price stability next year.

It comprises the five countries of the Ayreyawady-Chao Praya-Mekong Economic Cooperation Strategy (Acmecs) and will set up an Acmecs Rice Traders Association.

Thailand, Laos and Cambodia have agreed in principle and plan talks with Cambodia and Myanmar during the ASEAN Economic Ministers Meeting, which ends Wednesday.

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