The United States is considering a proposal to allow Japan to resell imported U.S. rice on the global market in an effort to curb soaring global prices.

Japan currently has stocks of 2.4 million MT of rice, of which 1.5 million were imported to fulfill its obligations as a member of the WTO. Rice resales are currently blocked by a bilateral agreement under the World Trade Organization.

To sell these stocks outside its domestic market, Tokyo is required to obtain approval from the exporting countries.

Earlier a non governmental organization earlier this week had called on the U.S. government to allow Japan to sell its 1.5 million MT of imported U.S. rice or give it to the World Food Program to help cool runaway rice prices.