Commerce Minister Khandaker Abdul Muktadir has said the government has begun working to seek a three-year extension of Bangladesh’s graduation from the Least Developed Country (LDC) category.

The process to pursue the deferral had already been initiated, the minister said while talking to reporters at the Secretariat on Wednesday.

”It will be initiated by the Commerce Ministry, while the ERD will serve as the correspondent. We will coordinate with the ERD and move forward quickly.”

Minister Khandaker Muktadir has been given charge of three economically significant ministries—Commerce, Industries, and Textiles and Jute. This is his first term as a Member of Parliament and his first entry into the cabinet.

On concerns over price stability during Ramadan, the minister said the government has sufficient stocks of essential commodities and adequate pipeline supplies to ensure market stability.

“If supply remains normal, the market will remain stable. There is no reason for panic.”