Sartaj Aziz, widely expected to be appointed as advisor on foreign and economic affairs, noted that Sharif had already said that his government would pick up from where the peace process was left before the 1999 military coup by then army chief Pervez Musharraf.
The PML-N government "will do its part to lower tensions with New Delhi and normalise relations", Aziz said.
The new government's overall foreign policy will remain the same though it will try to ensure the proper implementation of the policy, he said.
"Our policy will be to ensure peace and to decrease extremist threats (so) we can set an agenda to improve the economy. At the same time, we will not compromise on our basic foreign policy principles. So it will need thorough thinking and consultations in parliament to evolve consensus," the 84-year-old Aziz said.
On the issue of dialogue with the banned Tehrik-e-Taliban Pakistan, Aziz noted that Sharif had already said that his government will hold talks only with groups that "accept Pakistans constitution and democratic system".
"It is premature to say whether or not we will talk to a certain group," he said.
"The PML-N government will formulate a formal policy after consulting all stakeholders, and this will take some time."
Aziz said Pakistan will play its role for a peaceful and stable Afghanistan.
"Pakistan will do whatever it can for Afghan peace as instability in Afghanistan will have a direct impact on Pakistan."