India & China have to narrow down differences: Hamid Ansari

"A significant population of Indian origin resides in Myanmar. Our shared history and common interests paves the way for greater mutually beneficial cooperation," Mr Ansari said.

About the relevance of Panchsheel, he said on the global level, it preserves the right of all nations to choose their own path while interacting with others on the basis of mutual respect and equality.

"It facilitates the expression of views of all members of the international community, particularly the developing countries, so that their concerns are highlighted and interests are protected in the international economic, social and political order," he said.

Panchsheel provides the framework within which a just and equitable global order can be achieved to the satisfaction and benefit of all, he said.

Pursuit of world peace is a fundamental tenet of India's foreign policy, he said, adding that India draws inspiration from "our ancient civilisational value of considering the world as one family".

"This shapes and guides our actions in international relations," he said.

"Even before India became an independent nation, the leaders of our freedom struggle had outlined the fundamental precepts and values that embody the Five Principles of Peaceful Existence or Panchsheel.

"The Constitution of India enjoins the State to endeavour to promote international peace and security and to maintain just and honourable relations between nations," he said.

"Panchsheel emanated from the civilizational matrix of Asia and is Asia's contribution towards building a just and democratic international order. Ancient ideals of Panchsheel, envisioned by our three countries, in the modern form are of continuing relevance in the changed world of today and will remain so in the world of tomorrow," he said.

Panchsheel came to be accepted almost universally by countries and finally by the United Nations in the conduct of international relations.

"We gather here today to reaffirm the timeless relevance of Panchsheel in establishing a peaceful, stable, prosperous and secure world. As the co-originators of Panchsheel, it is our duty to revitalize our friendly relations and to promote cooperation as the only way forward towards the realization of our common goals of progress and prosperity for our peoples," he added.