Thai Prime Minister Prayuth Chan-ocha yesterday met Prime Minister Najib Razak in his introductory visit to Malaysia, discussing free-falling rubber prices and how to revive peace talks with rebels in Thailand’s restive south.
Datuk Seri Najib told reporters that the two neighbours would cooperate to stabilise the price of natural rubber, which has fallen to five-year lows on the back of low demand from China’s slowing economy.
“Both countries also agreed to include Vietnam in the process, as well as to explore ways and means to increase the natural rubber usage in other new products,” he told reporters after receiving the Thai leader who was on a one-day visit.
Mr Prayuth led a coup in May to oust the administration of former PM Yingluck Shinawatra and took office in August.
Rubber had peaked at RM16.70 per kg in February 2011 but closed today under RM5. The two countries and Indonesia produce about 70 per cent of the world’s rubber, and Mr Najib said yesterday all three nations needed to work together to support latex prices.