Cambodia, Vietnam and Thailand, as well as Myanmar and Laos have agreed to form a rice cartel according to Forbes.
The Cambodia trade move with its neighboring countries would act similar to OPEC but would be called the Organization of Rice Exporting Countries (OREC).
While intentions may be good considering recent runaway rice prices, it will be interesting to see how the World Trade Organization (WTO) reacts to the announcement with regard to Vietnam and Thailand membership.
Cambodia Trade OREC organization of rice exporting countries rice prices
1 response so far ↓
1 chetra // Jul 16, 2008 at 8:17 am
it sounds great to me but it seems like OREC is likely to stand against OPEC’s behaviour. Then “no oil, no rice. no rice, no oil!”
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