China, India, Pakistan, Thailand and Vietnam have agreed to create an Internet data exchange in a bid to stabilise rice prices under the Rice Trade Cooperation (RTC) project.

As part of the plan each country will be required to set up a working group to participate in an online weekly meeting. The results of each meeting will be passed on to senior officials who will meet every three to six months. There will also be an annual ministerial meeting, to which the results of senior officials’ meeting will be submitted.

The RTC aims to increase rice prices by 30% in both domestic and export markets, reported the Nation.