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MP: Set up Asean rice buffer stock

 Charles Santiago says the food and energy crisis is a crisis of liberalisation
Charles Santiago says the food and energy crisis is a crisis of liberalisation

KLANG: Members of Asean should create common buffer stocks of important commodities and help each other weather the economic storm by selling them to each other at discounted rates.

Klang MP Charles Santiago said for a start, the government should look into organising a rice buffer with producers like Thailand and Vietnam.

Speaking at the People’s Forum: Mid-term Review of the Ninth Malaysia Plan on Monday, Santiago said: “These countries could sell rice at prices below the international market rate to Malaysia and other Asean countries.

“Likewise, Malaysia could also sell its oil and palm oil to other Asean countries at an affordable rate.”

He said an economic partnership as such could lead to a new approach in organising regionalism.

“Alternatively, an Asean buffer fund could be set up to help countries that face an emergency situation.

“The energy and food crisis is a ‘crisis of liberalisation’. This requires rethinking liberalisation or deregulation as an economic strategy in the food and agriculture sector.”

Santiago said: “A good example is Venezuela, which sells its oil to Ecuador and other countries below the international market price. Ecuador too, exports other products to Venezuela.”

He added that the mid-term review should also be bold enough to formulate a sustainable social safety net, a minimum wage and job security for Malaysian workers.

“The biggest challenge is to ensure good governance, accountability and transparency in the management of our resources.”