On 12 December 2001, the three major natural rubber (NR) producers namely Thailand, Indonesia and Malaysia signed a Joint Ministerial Declaration (Bali Declaration 2001) in Bali, Indonesia pledging to work collectively to ensure fair and remunerative income for rubber smallholders of the three countries.
Arising from Bali Declaration 2001, International Tripartite Rubber Council (ITRC) was established with the main objectives to ensure sustainable NR production as well as implementing mechanisms in achieving remunerative and fair NR prices for the well-being of NR smallholders.
In 2004, the three governments i.e. the Government of Royal Kingdom of Thailand, Government of Republic of Indonesia and Government of Malaysia established the International Rubber Consortium Limited (IRCo) as a company/consortium to carry out the strategic market operations (SMO), provide secretarial services to ITRC and undertake other activities assigned by IRCo’s Shareholders and Board of Directors (BoD). IRCo was officially registered on 28 April 2004 with an authorized capital of US$225 million.