ASEAN finalises emergency rice reserves plan

JAKARTA, May 9 (Commodity Online) : Continuing their efforts to boost food security in the region, Asean members are expected to finalise forming an emergency rice pool during the next summit this weekend. According to indoinesia, Asean's largest member, member nations proposed to expand the use of ASEAN's rice reserve to address the soaring price of the commodity among the region and sought the possibility to develop its potential as food basket. Asean members agreed to sign in the so-called APTERR (ASEAN Plus Three Emergency Rice Reserve) with Japan, Korea and China during the ASEAN Ministers of Agriculture and Forestry (AMAF) meeting in Jakarta. The total agreed rice reserve for the ASEAN plus three countries was 878,000 tons of rice in which each of the 13 countries was given the responsibility of contributing an agreed amount of rice.