BY THE INTERNATIONAL TRIPARTITE
RUBBER COUNCIL MINISTERS
ON THE IMPLEMENTATION
OF THE AGREED EXPORT TONNAGE SCHEME
We, the Minister of Agriculture and Cooperatives of the Kingdom of Thailand, Minister of Trade of the republic of Indonesia and Minister of Plantation Industries and Commodities of Malaysia, under the International Tripartite Rubber Council (ITRC), express concern on the recent trend in declining Natural Rubber (NR) prices which has a direct effect on the income of rubber smallholders in our three countries.
The Governments of Thailand, Indonesia and Malaysia hereby agree to implement the Agreed Export Tonnage Scheme (AETS) beginning 1 March 2016. Under the AETS, the three countries will withdraw exports of 615,000 tonnes of NR for the period of 6 months from 1 March - 31 August 2016.
In addition to address the oversupply of NR, we also agree to increase domestic consumption of NR. These include the use of NR for road construction, rail pads for railway construction and other suitable areas.
We are optimistic with joint implementation of these measures, the rubber price will recover and continue to be fair and remunerative to all smallholders and other stakeholders in the NR industry. This implementation will be closely monitored by the ITRC Monitoring Committee.
ITRC Secretariat, Bangkok, Thailand, 4 February 2016