{"id":582658,"date":"2023-03-12T00:00:00","date_gmt":"2023-03-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/12\/egypt-wants-out-from-un-grain-treaty\/"},"modified":"2023-03-12T00:00:00","modified_gmt":"2023-03-12T00:00:00","slug":"egypt-wants-out-from-un-grain-treaty","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/12\/egypt-wants-out-from-un-grain-treaty\/","title":{"rendered":"Egypt wants out from UN grain treaty"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Egypt to exit UN grain treaty by end of June:<\/span><span style=\"\">Egypt will withdraw from the <\/span><span style=\"\">multinational <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/treaties.un.org\/pages\/ViewDetails.aspx?src=TREATY&mtdsg_no=XIX-41-a&chapter=19&clang=_en\" style=\"\">Grains Trade Convention<\/a><\/span><span style=\"\"> (GTC) in less than four months, sparking concern amongst member countries, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/markets\/commodities\/egypt-withdraws-un-grain-treaty-prompting-sadness-concern-2023-03-09\/\" style=\"\">Reuters<\/a><\/span><span style=\"font-weight:400;\"> reports. Cairo last month gave notice that from 30 June 2023 it will no longer be part of the convention, which came into effect almost 30 years ago to improve cooperation between grain exporters and importers. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Is it about saving FX? <\/span><span style=\"\">The government decided to leave the convention to stop paying the <\/span><span style=\"\">USD-denominated membership fees, especially because it was felt that no benefits have been garnered from membership, a<\/span><span style=\"\"> government s<\/span><span style=\"\">ource with knowledge of the matter told Enterprise on condition of <\/span><span style=\"\">anonymity<\/span><span style=\"font-weight:400;\">. Officials from the Foreign Ministry said something similar to Reuters, which reported that the trade and supply ministries reviewed Egypt\u2019s membership in the convention and found it to be of no \u201cadded value.\u201d<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Egypt apparently owes money to the International Grains Council:<\/span><span style=\"\"> Two sources reportedly <\/span><span style=\"\">told the newswire that Egypt owed membership fees to the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/www.igc.int\/en\/default.aspx\" style=\"\">International Grains Council<\/a><\/span><span style=\"font-weight:400;\"> (IGC), which oversees the convention. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Other members aren\u2019t happy:<\/span><span style=\"\"> \u201cThis came without prior information. Several delegations within <\/span><span style=\"\">the IGC are surprised and sad about the decision,\u201d Arnaud Petit, executive director of the IGC, told Reuters. Petit thinks that several members are going to ask Egypt to reconsider its decision. <\/span><span style=\"\">Thirty-four grain exporters and importers are<\/span><span style=\"font-weight:400;\"> currently party to the convention, including some of Egypt\u2019s biggest suppliers.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Egypt was among the earliest entrants to the convention<\/span><span style=\"\">, sig<\/span><span style=\"\">ning it when it first came into<\/span><span style=\"\"> effect in 1995.<\/span><span style=\"font-weight:400;\"> The country is also a member of the IGC.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- <\/span><span style=\"\">War in Ukraine sent international grain prices soaring last year, forcing Egypt \u2014 <\/span><span style=\"font-weight:400;\">the world\u2019s largest importer of wheat \u2014 to rely more on the local harvest, diversify the source of its imports, and pivot from international tenders to direct purchases on the global markets.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">DFIs are lending a hand:<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/26\/egypt-buys-240k-tons-of-russian-wheat-plus-news-from-ebrd-usaid-and-more-97861\/\" style=\"\">Money from the World Bank<\/a><\/span><span style=\"\"> is helping to fund a series of <\/span><span>international wheat purchases while the government is in talks with the European Investment Bank to secure investment to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/09\/could-serbia-supply-us-with-1-mn-tons-of-wheat-96072\/\" style=\"\">establish a large silo<\/a><\/span><span> as part of efforts to improve the country\u2019s food security.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt has been a member of the convention for almost 30 years.<\/p>\n","protected":false},"author":1,"featured_media":582659,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7305],"tags":[317,72,6746,7085,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","tag-commodities","tag-enterpriseam","tag-grains-trade-convention","tag-un","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"202882fd-cd4a-4230-9ec9-c6d0b62d9aed","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/Wheat-1600.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[582645],"teaser":"Egypt has been a member of the convention for almost 30 years.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.16d5af83-54a8-4b37-9506-21cbcd90ca8f.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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PLUS: Love for the RUB, Nasser Bank\u2019s high-yield CDs, precious metals fund","author":"enterpriseam admin","date":"19 March 2023","format":false,"excerpt":"Convention didn\u2019t help us during 2022 food crisis, minister says","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Rice-harvest-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582740,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/16\/authorities-arrest-men-in-connection-with-mohamed-salah-burglary-case\/","url_meta":{"origin":582658,"position":1},"title":"Authorities arrest men in connection with Mohamed Salah burglary case","author":"enterpriseam admin","date":"16 March 2023","format":false,"excerpt":"The men reportedly stole football boots, a medal and cable TV receivers from the star\u2019s New Cairo villa","rel":"","context":"In &quot;EGYPT IN THE NEWS&quot;","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Mohamed-Salah-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592427,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/egypt-buys-more-russian-wheat-as-moscow-mulls-mates-rates\/","url_meta":{"origin":582658,"position":2},"title":"Egypt buys more Russian wheat as Moscow mulls mates\u2019 rates","author":"enterpriseam admin","date":"6 August 2023","format":false,"excerpt":"Russia is wielding its grain powerhouse status as a political tool","rel":"","context":"In &quot;Commodities&quot;","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/210.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548183,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/28\/egypt-pulls-plug-on-contracts-for-stranded-ukrainian-wheat\/","url_meta":{"origin":582658,"position":3},"title":"Egypt pulls plug on contracts for stranded Ukrainian wheat","author":"enterpriseam admin","date":"28 July 2022","format":false,"excerpt":"GASC cancels contracts for stranded Ukrainian wheat: The General Authority for Supply Commodities (GASC) has pulled the plug on contracts for 240k tons of stranded Ukrainian wheat booked earlier this year, sources told Reuters. The four cargoes were booked for February and March delivery but never set sail due to\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567982,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/14\/russia-our-biggest-wheat-supplier-is-mulling-a-grain-tax\/","url_meta":{"origin":582658,"position":4},"title":"Russia, our biggest wheat supplier, is mulling a grain tax","author":"enterpriseam admin","date":"14 December 2020","format":false,"excerpt":"Egypt\u2019s largest wheat supplier is planning to impose a temporary tax and maximum quota on grain exports in a bid to boost local supply and stabilize prices, sources close to Russian government discussions told Reuters. The tax could be between USD 27-30 per tonne of wheat, and it could be\u2026","rel":"","context":"In &quot;Commodities&quot;","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546053,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/our-first-shipment-of-indian-wheat-sets-sail-soon\/","url_meta":{"origin":582658,"position":5},"title":"Our first shipment of Indian wheat sets sail soon","author":"enterpriseam admin","date":"26 April 2022","format":false,"excerpt":"We\u2019re getting our first shipment of Indian wheat soon: Around 55k tonnes of Indian wheat will be loaded from India\u2019s Kandla Port for shipment to Egypt on Friday, Argus Media reports, citing line-up data. No details were given on the price paid in the private-sector purchase, which comes less than\u2026","rel":"","context":"In &quot;Commodities&quot;","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/357.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582658","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=582658"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582658\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/582645"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/582659"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=582658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=582658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=582658"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=582658"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=582658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}