According to foreign media, Datuk Amar Douglas Uggah Embas, Plantation Industry and Commodities Minister, said that the International Tripartite Rubber Council (ITRC) meeting will be held in Malaysia in July. The conference will focus on the global decline in rubber prices.
He disclosed at the press conference of the Malaysian-Malaysia (Indian and Indian) Palm Oil Trade Fair Seminar 2014: “The strategy adopted in the future will be generated by the negotiation of the three major rubber-producing countries. We hope that the concept of supply and demand control of inventory discussed by us can be passed. We all hope that there will be a slight recovery in the price of rubber. If all rubber-producing countries can make their own efforts by controlling rubber production, we can push up the price of rubber."
Uggah said: "Each rubber-producing country can adopt different measures to boost rubber prices, such as controlling rubber production and replanting. Malaysia has replanted 40,000 hectares of rubber this year. To further reduce rubber production, we will continue to replant next year. Due to the limited use of rubber, we have already encouraged all member states to further explore more rubber uses in the International Tripartite Rubber Council."
Uggah also revealed that he will meet with the Indian Rubber Bureau on July 1st to discuss how to deal with the impact of low rubber prices on tappers.
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