The Tripartite countries Indonesia, Malaysia and Thailand signed an MOU on 8 August 2002 to set up IRCo. Its primary aim is to carry out Strategic Market Operations to achieve a stable long term price trend to sustain and remunerate rubber farmers. The objective is also to maintain a supply-demand balance to ensure adequate supply of Natural Rubber in the market at a fair price.
IRCo Board of Directors (BoDs) comprises 4, 3 and 2 members from Thailand, Indonesia and Malaysia respectively. 'To increase the effectiveness of the Strategic Market Operation (SMO), a committee, comprising of two marketing experts from each of the tripartite countries, called the Committee on Strategic Market Operation (CSMO) was formed to review regularly the market situation and advise the Board of Directors (BoDs) on the implementation of the appropriate Strategic Market Operation (SMO).'
For more information: https://ircorubber.com/