Before setting the purchase price, the Minister consulted with the Rice Price Council, which supported the estimate, paving the way for the reduction. The government purchases rice from producers who implement production adjustments or from entities to whom these producers have consigned the sale of their rice.
Rice purchased by the government is stockpiled to ensure stability of price, supply and demand.
APEC ministers met November 22 and 23, while an informal meeting of APEC leaders was held November 25. The ministers will take further steps in 1998 aimed at laying the foundation for discussions among leaders of possible joint actions. New members admitted Applications for APEC membership by Vietnam, Peru and Russia were approved. Responding to a challenge issued by APEC leaders in Subic in 1996 to identify sectors in which early, voluntary liberalization would have a positive impact on trade, investment and economic growth in the region, ministers agreed to list the 15 sectors for which support was highest among member economies, with nine sectors, including fish and wood products, to be given priority. Ministers subsequently instructed officials to finalize EVSL proposals for the nine priority sectors in the first half of 1998.