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Jakarta Post

ASEAN agrees on rice reserve, discusses Middle East

  • Abdul Khalik

    The Jakarta Post

Vientiane   /   Mon, February 28 2011   /  11:46 am

As fear of rising food prices continues to haunt the region, the 10 ASEAN countries plus China, Japan and South Korea have decided to establish a rice reserve to tame volatile movement in commodity prices while keeping an eye on the impact of the Middle East crisis on oil prices.Trade ministers of the Association of Southeast Asian Nations (ASEAN) convening in Vientiane, Laos, for two-day talks closed their meeting with a commitment to help each other build a rice reserve and stabilize the rice prices without making sudden and demonstrative procurements that can trigger panic among trade members. Indonesian Trade Minister Mari Elka Pangestu, who chaired the meeting in the Laotian capital, said during a joint press conference on Sunday that the ASEAN governments have agreed to sign the ASEAN-plus-three rice reserve agreement in early October. “Our agriculture ministers have agreed with ...