Aziz, who is a former Indian Ambassador to Saudi Arabia, UAE and Tunisia, said this while delivering a lecture on 'Need for Look West Policy' organised by Aligarh Muslim University.
Highlighting India's good trade relations with the Middle East, Aziz said almost 25 per cent of India's trade was with the Gulf and West Asia region and cautioned that the country should not neglect these ties over its emphasis on building business relations with ASEAN countries.
Referring to the bigger challenge of "containing extremism and terrorism from reaching India", he said strengthening security and cooperation with the Middle East countries combined with a sound political strategy was vital.
He suggested maritime and counter-terrorism cooperation agreements with West Asia and Gulf countries.
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"If India is to achieve a target of 10 per cent growth rate in the near future, its historical, geographical, cultural ties besides people-to-people contact with the Middle East countries play a critical role.
Referring to India's current policy on Israel, Aziz said, "We have never earlier pursued a one-side policy on Israel at the expense of legitimate interests of others in the region."
He added that it would be unwise to build any relationship at the cost of another.
"Gulf and West Asia countries own more than 60 percent of the world's oil and 40 percent of the gas reservoir. Without energy security, no economy can function today and hence, the Gulf countries should be the centre piece of our energy security policy," he said.