VietNamNet Bridge - Xinhua
VietNamNet Bridge- Rubber producers in Southeast Asia sounded their concern here on Tuesday over the sharp decline of rubber prices recently, saying contract defaulters were aggravating the situation further.
The ASEAN Rubber Business Council (ARBC) was very concerned with unprecedented sharp decline in rubber prices, which had plunged more than 50 percent from its high three months ago due to the global finance turmoil, Malaysian Rubber Board (MRB) said.
The price plunge brought about rising contract defaults, which accelerated the price fall, the board said in a statement.
"ARBC has agreed to address this issue on defaulting buyers and expressed the urgent need to uphold the principle of contract sanctity," it said.
To prevent these default problems, ARBC has devised measures to restore order in the market, including distributing a blacklist of the defaulters to all members of the ARBC and advising the members to stop dealing with such defaulters, accord to MRB.
The Council also encourages its members to settle the contract dispute amicably, urging members not to agree to any prices and contract cancellations if demanded by buyers.
Members were asked to view the current situation in a proper perspective, to establish a healthy practice to enhance mutual business relationship in the long run.
ARBC currently embraces rubber trade businesses associations from six rubber producing countries of the Association of Southeast Asian Nations (ASEAN) - Thailand, Malaysia, Indonesia, Singapore, Vietnam and Cambodia, which accounting for 85 percent of the world' s total rubber production, MRB said.
The ASEAN Rubber Business Council (ARBC) was very concerned with unprecedented sharp decline in rubber prices, which had plunged more than 50 percent from its high three months ago due to the global finance turmoil, Malaysian Rubber Board (MRB) said.
The price plunge brought about rising contract defaults, which accelerated the price fall, the board said in a statement.
"ARBC has agreed to address this issue on defaulting buyers and expressed the urgent need to uphold the principle of contract sanctity," it said.
To prevent these default problems, ARBC has devised measures to restore order in the market, including distributing a blacklist of the defaulters to all members of the ARBC and advising the members to stop dealing with such defaulters, accord to MRB.
The Council also encourages its members to settle the contract dispute amicably, urging members not to agree to any prices and contract cancellations if demanded by buyers.
Members were asked to view the current situation in a proper perspective, to establish a healthy practice to enhance mutual business relationship in the long run.
ARBC currently embraces rubber trade businesses associations from six rubber producing countries of the Association of Southeast Asian Nations (ASEAN) - Thailand, Malaysia, Indonesia, Singapore, Vietnam and Cambodia, which accounting for 85 percent of the world' s total rubber production, MRB said.
7 comments:
In Cambodia there is no need to be concerned all the rubber money goes to ah Hun and his gangs.
The border issue and trade with Thailand will only make Cambodia tougher and stronger as a nation. Cambodia has learned a lot from war to trade. Cambodia can only strive from now on... I urge Cambodians to initiate things that will enhance and enrich yourself and our country capacity.
Well there goes my plan to cut down my cashew plantation to rubber plantation.
hamona hamoot
11:56pm
That was my first reaction...
This is funny. I know some peoples that have
cut their cashew plants and make a rubber
plantation.
Khmer Canadian
I do not know why all khmer people do not understaning about khmer people got suffering from pol pot regime.Why all of them forgot everything in pol pot regime? So all of khmers in this forum want to go back to the pol pot regime? Why i said like that,because all of the words you wrote it down no importan to our khmer people.So you never helping khmer at all.
Go to Hell you freaking Viet's slave 8:27AM!!!
Ah Pleu and Theif oversea loves to label people as Lao, Thai, and Viet so that they can steal the country from Khmer People.
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