Highlighting the need to forge new ties between the Muslim world and the West based on dialogue, Pakistan President Pervez Musharraf [Images] on Tuesday said extremism could not be eliminated as long as economic inequalities posed a threat to national, regional and global peace.

"We believe that the new relationship between the Muslim world and the West has to be built on a dialogue and understanding, which would effectively deal with the threats to world peace," he said addressing the inaugural session of a meeting in Islamabad of the Standing Committee on Science and Technological Cooperation of the Organisation of the Islamic Conference.

"However, we have to impress upon the West that extremism cannot be eliminated when economic inequalities continue to threaten national, regional and global peace. So therefore, while different cultures, traditions and civilisations must respect each other's differences for harmonious co-existence, we must simultaneously reduce socio-economic disparities around the world.

The foremost challenge facing the Muslim world is the danger of marginalisation of all the Islamic countries at the global level," Musharraf said.

He called for achieving the true potential of the Islamic world through collective resolve and by focussing on technological advancement and ensuring energy, water and food security.

Nothing could be achieved without cooperation and coordination among OIC member states, Musharraf said.

Despite possessing 70 per cent of energy and 40 per cent of raw material resources, Muslim countries are still lagging behind in science and technology, which is imperative for progress and development, he noted.

Musharraf underscored the need for interacting with the United Nations and other industrially advanced states for closing the widening technology gap between the West and the Islamic world.

He also lauded the OIC for adopting its new charter that restricts new membership to Muslim-majority countries.

Pakistan is focussing on promoting science and technology and nine world-class science universities are being set up at the cost of $3 billion, he said.