Thailand's prime minister, Samak Sundaravej, says his country has agreed in principle to form a rice price-fixing cartel with Burma, Laos, Vietnam and Cambodia, as costs of the staple grain soar.The grouping of Mekong nations will be similar to the oil cartel OPEC, and will be called the Organisation of Rice Exporting Countries (OREC).
Prime Minister Samak says Thailand will help the other countries with technical support to improve their production for export.
Thailand is the world's largest rice exporter, and shipped an estimated 9.5 million tonnes of rice overseas last year.
Rice prices have soared this year because of higher fertiliser costs, droughts, the loss of farmland and speculation by commodity traders.
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