Addressing a seminar on `A common national economic agenda' organised by the Federation of Indian Chambers of Commerce and Industry (Ficci) in Bangalore, Hegde called for speeding up trade reforms to boost exports and growth.

Apart from the withdrawal of QRs, he said there was need to further rationalise excise and customs duties which should be brought down to levels prevailing in the Association of Southeast Asian Nations (Asean).

The minister called for the decanalisation of imports and exports, introduction of a mechanism for speedy and transparent reimbursement of duties and taxes for exporters coupled with the phasing out of various schemes and self-certification in excise and customs.

He added, however, that acceptance of self-certification by trading houses should be accompanied by randomchecks and entail strict penal action to discourage misuse of the facility.

Hegde also felt that industries should be dereserved and spoke of the need for globally strong corporations that would open markets abroad for the small-scale sector.