Malaysia is working closely with two other key natural rubber producing countries, Thailand and Indonesia, to stabilize the price of natural rubber in the world market, an Malaysian official said on Thursday.
The cooperation among the three major producers supplying over 80 percent of the world's natural rubber has resulted in positive sentiment on the price, said Malaysian Deputy Plantation Industries and Commodities Minister A. Kohilan Pillay.
Under a supply management scheme, the three countries have agreed to control their exports in the long run to bring about a better balance between supply and demand to stabilize the price, he told the lower house of the Malaysian parliament.
If an abrupt fall in the price occurs, the three countries had agreed to reduce exports in the short term through the Agreed Export Tonnage Scheme.
Source: Xinhua
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