Monday, April 28, 2008

Thailand wants Opec-like cartel for rice

From the New Straits Times:

With the rice price soaring in tandem with the skyrocketing oil price, Thailand’s largest enterprise has call on the government to form an Opec-like alliance on rice to elevate its price.

CP Group chairman Dhanin Chearavanont said Thailand, the world’s biggest rice exporter, should approach three major rice-producing countries, namely China, Vietnam and India, to form the alliance similar to the Organisation of Petroleum Exporting Countries (Opec).

“Today Vietnam has halted its export of rice for fear of domestic shortage.

China alone doesn’t have excess rice for export, while India may have some rice surplus for exports in the coming years. So why don’t we join hands with those three countries to improve prices,” said Dhanin, as rice price rose to US1,000 (US$1 = RM3.15) a tonne from just US$367 about 10 months ago....MORE