Aziz said with changes occurring around the world at a very fast pace, concepts like a nation state and national sovereignty have eroded and economic gravity is shifting towards Asia.
Pakistan also has a problem of improving its image globally but such challenges can be converted into opportunities, he said.
During an address at the Institute of Strategic Studies, a think tank funded by the government, Aziz stressed that Pakistan will have to put its own house to find solutions to the country's problems.
If Pakistan can deal with its internal problems, then external challenges will not be so hard to handle, he said.
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"The rise of China is also a very important development. Indian aspirations for global power and turmoil in the Arab world are events that Pakistan cannot take its eyes off," Aziz said.
"There is a global consensus that there should be peace in this region. Pakistan's geostrategic location is also an asset which can be used to boost trade and cooperation in energy sector throughout the region," he added.
Pakistan also needs to reset its relations with the US.