Islamabad, May 31:Pakistan is hopeful that resolution of all outstanding matters, including the "core issue" of Kashmir with India would bring in a new era of peace, enabling the two nations to utilise their scarce resources for solving acute problems like poverty and disease.

"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, " said Prime Minister Yousuf Raza Gilani in Islamabad on Friday.

"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 started a composite dialogue process with India "with a sense of responsibility towards the future generations" and it stands for "peaceful settlement of disputes in the region and elsewhere", he added.

The people of Pakistan favour a world order based on "the rule of international law, non-interference and respect for the sovereign equality of states".

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

Stating that Pakistan has 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".

Pakistan has diverted resources and energy to defeat terrorism, Gilani said and hoped the international community "will appreciate our contribution and our commitment to eradicate the menace."

He was addressing members of Socialist International, a worldwide body of social democratic, socialist and labour parties. (ANI)