The world's leading rice producers are meeting in Bangkok, in the hope of forming an unofficial cartel and boosting world prices.
Officials from China, India, Pakistan, Vietnam and Thailand have agreed to open a rice "secretariat", an office that will oversee world markets in the same way that Opec oversees much of the trade in oil.
Wednesday's meeting aims to pin down a minimum global price below which the five countries - which together account for more than three-quarters of world rice output - will not sell.
Rice producers in 'cartel' talks
The minimum price under discussion is reckoned to be equivalent to 1997 levels, since when prices have fallen by almost one-third.
Prices plunge
Without drastic action, rice producers fear prices will only fall further.
The world's leading rice producers are meeting in Bangkok, in the hope of forming an unofficial cartel and boosting world prices.
Officials from China, India, Pakistan, Vietnam and Thailand have agreed to open a rice "secretariat", an office that will oversee world markets in the same way that Opec oversees much of the trade in oil.
Wednesday's meeting aims to pin down a minimum global price below which the five countries - which together account for more than three-quarters of world rice output - will not sell.
Rice producers in 'cartel' talks
The minimum price under discussion is reckoned to be equivalent to 1997 levels, since when prices have fallen by almost one-third.
Prices plunge
Without drastic action, rice producers fear prices will only fall further.
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