Here’s why Egypt withdrew from key UN grain agreement

The former advisor to Minister of Supply and Internal Trade Nader Nour-Eddin, said on Friday that Egypt’s withdrawal from the United Nations Grains Trade Convention (GTC) agreement came as a result of the agreement’s inability to control the grain market.

Egypt had given notice that it would withdraw from GTC by the end of June, causing concern among some of the other signatories to the agreement.

Egypt signed onto the agreement, which represents the only international treaty covering the grain trade, since its inception in 1995.

Nour-Eddin explained that Egypt signed the convention since 1995 with the confidence of this agreement to control the grain market, as Egypt is one of the most important importers of grains in the world – especially wheat and corn.