"We hope that resolution of all outstanding disputes between us, including the core issue of Kashmir, would usher in a new era of peace and development in the region," Prime Minister Yousuf Raza Gilani said at a reception in Islamabad on Friday night for members of Socialist International, a worldwide body of social democratic, socialist and labour parties.

"Peace between India and Pakistan will enable us to use our precious and scarce resources to overcome hunger, poverty and disease," Gilani said.

Pakistan has embarked on the composite dialogue process with India "with a sense of responsibility towards the future generations", he said.

The people of Pakistan aspire for a world order based on "the rule of international law, non-interference and respect for the sovereign equality of states". Pakistan supports all efforts for the "peaceful settlement of disputes in the region and elsewhere", he said.

Gilani also said Pakistan believes that "peace and security in the region and beyond is paramount for our socio-economic development".

Pointing out that Pakistan had been sustaining "serious losses of life and property" due to the war on terror; he said these "tremendous losses cannot weaken our resolve to eliminate terrorism in all its forms and manifestations".