Saturday, May 3, 2008

Rice cartel

For those who missed it, Thailand is suggesting the formation of a rice cartel.
The idea came as his deputy and commerce minister proposed a rice producer summit that would include Thailand, Vietnam, India and China. Only India has so far voiced support; it is second to Thailand as the world's largest rice producer.

The notion of a rice cartel comes amid skyrocketing food prices that have been linked -- at least in part -- to rising energy costs, the business of another cartel: the Organization of the Petroleum Exporting Countries, or OPEC. Its 12 member nations supply about 40 percent of the world's oil.

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