Having initiated Regional Trade Agreements and done away with quantitative restrictions on imports, India said on Friday it was now looking at free trade agreement with ASEAN [Association of Southeast Asian Nations] in the next 10 years.

"QRs on imports were removed totally except for certain items on security and health considerations from April. Custom tariff have similary been brought down and the average tariff now stands at 23 per cent. Now India is committed to work with ASEAN towards free trade area in the next 10 years," Minister of Commerce Arun Jaitely said in New Delhi.

Addressing the 37th convocation ceremony of the Indian Institute of Foreign Trade, the minister, however, said the society was still "oblivious" of the ground realities in this field.

Asserting that the government's aim was to make the country a "significant" player in the world market, he said the latest Exim Policy had addressed the micro issues for providing the right export environment.

The country's target of one per cent share in the world trade by 2007 would form the basis of increasing the domestic GDP by 10 per cent, he said.

"We are looking at one per cent share in world exports or trade worth 80 billion dollars by 2007. But one has to see the domestic implication. It will mean 10 per cent of GDP and the achievement depends on one per cent share," Jaitley said.

He said the merchandise exports had grown by around 17 per cent in dollar terms during the first 11 months of the fiscal gone by and it was "remarkable' considering the rupee appreciation in recent months.