IRSG announces BASF, IRCo, AFE join panel of Associates

London -- The International Rubber Study Group (IRSG) has announced that BASF, the world's largest chemical company, has joined its panel of Associates. Earlier, the group said the International Rubber Consortium and The Agricultural Futures Exchange of Thailand (AFET) have also joined the panel.

In a statement announcing BASF's membership, the IRSG said, "It is specifically the manufacturing, marketing and sales of Formic Acid to the Rubber Industry which brings RBU Intermediates Asia Pacific (BASF) to the IRSG. BASF Intermediates is the Global market leader for Formic Acid."

With regard to the IRCo, IRSG said, "On 12 December, 2001, three ASEAN countries, viz. Indonesia, Malaysia and Thailand met in Bali, Indonesia and signed a Joint Ministerial Declaration(the Bali Declaration 2001) pledging to work collectively to ensure fair and remunerative income for rubber small holders of the three countries." It continued, "Arising from this Bali Declaration, International Tripartite Rubber Council (ITRC) was formed as the body responsible for coordinating and overseeing the implementing of the NR supply measures, viz. the Supply Management Scheme (SMS) and the Agreed Export Tonnage Scheme (AETS) to ensure that the above objectives and targets are attained."

The IRSG said, " The Agricultural Futures Exchange of Thailand (AFET) is an independent juristic person established under the provisions of the Act to run the exclusive agricultural futures exchange in Thailand regulated by Agricultural Futures Trading Commission. The Exchange will be the marketplace to trade agricultural futures with established rules and regulations which offer fairness the all buyers and sellers."