Customize application short key to what ever you want

1. Open System Preferences>Keyboard.
2. Select tab Keyboard Shortcuts.
3. Select Application Shortcuts from the list in the left hand side.
4. Press + button.
5. Select application "Terminal" (Terminal wasn't listed, so I had to press Other... , navigate to Applications>Utilities and select it).
6. Type Select Next Tab as menu title (the menu title must exactly match the menu title that will have the shortcut replaced).
7. As shortcut press Ctrl``Tab.
8. Press Add.