Thailand’s excessive rice stockpile was tackled at the World Trade Organisation after the US argued that the Southeast Asian nation may be preparing to dump surplus rice stocks on the world market at prices below cost. The allegation, if true, is tantamount to an export subsidy not allowed by the WTO. Thai president Yingluck Shinawatra was said to have bought rice from farmers at more than 50 per cent over market prices in October. This election pledge had increased Thailand’s rice stockpile to 14 million tonnes and created an artificially high price that affected global market exports of the grain.
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