World Rubber Summit focus on global demand and supply challenges

The two-day World Rubber Summit held by the International Rubber Study Group (IRSG) and the Thai Agriculture and Agriculture Cooperatives Ministry opened on Monday, focusing on new challenges of global rubber demand and supply.

Titled "Global Demand and Supply Challenges: what to aim for and how to meet them?" this year, the meeting attracted some 300 representatives and experts from 18 countries and the European Union (EU).

Hidde Smit, the general secretary of the IRSG, said at the opening ceremony that the world rubber market and industries have changed greatly over the past 20 years, and the new situation and challenges have already affected both the producer and the consumer countries.

Therefore, the summit aims at more communication and exchange between the rubber producers and consumers, between the suppliers and processors, for better market operation, Smit said.

Thailand's Agriculture and Agriculture Cooperatives Minister Thira Sutabut said that as the largest rubber producer and exporter for 17 years, Thailand always believes that sustainable growth of the rubber industries is beneficial to all aspects of market. "The consumers can be reassured of adequate supplies and the farmers will also be guaranteed with fair and competitive prices for their produce."

The minister also urged all natural rubber producers and consumers to collectively find out sustainable measures that will enable all small holders in the rubber-producing countries to get fair and competitive prices.

While asked about the cooperation between Thailand and China, the minister told Xinhua that the Thai government thanks China's government for long-time support to Thai rubber industries.

"China is now the largest importer country, or 27 percent, for Thai exported rubber, as both of us have enhanced the cooperation. Now, the agriculture ministry of Thailand is asking for more Chinese rubber dealers and processors to invest in Thailand," Thira said.

During the two-day summit, a serial of topics will be discussed, such as natural rubber planting and production perspectives, synthetic rubber production and capacity developments, tyre developments, futures markets and future natural rubber prices. After the summit, a three-day seminar will be held among all the dealers, experts and policy makers.

Source: Xinhua