CAIRO, EGYPT — Egypt gave notice that it plans to withdraw at the end of June from a UN grains treaty, Reuters reported.

Egypt, one of the world’s largest wheat importers, signed the multinational Grains Trade Convention (GTC) at its inception in 1995. It has been a member of the council that governs it since 1949.

Its request in February to withdraw follows a period of turmoil in the grains markets due to the war in Ukraine and concerns about food security.

The International Grains Council (IGC), which administers the treaty, told Reuters that several delegations within the IGC are “surprised and sad about the decision.”

Several members likely will ask Egypt to reconsider, said Arnaud Petit executive director of the IGC.

Egypt’s foreign ministry told Reuters the decision was made after an assessment by the ministries of supply and trade found membership “no added value.”

Traders told Reuters they did not expect an impact on the grains market, but one source said that symbolically, Egypt’s departure could be seen as concerning.

The war in Ukraine disrupted Egypt’s wheat purchases last year. The economic impact of the war also exacerbated a foreign currency shortage in Egypt, leading to a slowdown in imports, a backlog of goods in ports, and a $3 billion financial support package from the IMF.