It means to have a regard for other peoples' feelings, listening to people and hearing them, i.e. Even more importantly, respect means treating one with dignity.
Respect is the opposite of humiliation and contempt.
So where the latter can be a cause of conflict, the former and its opposite can help transform it.
As William Ury writes in his book : "Human beings have a host of emotional needs- for love and recognition, for belonging and identity, for purpose and meaning to lives.
Relationships and contacts that are built without the presence of respect are seldom long term or sustainable. Thus the presence of respect can help transform conflicts, by providing opportunities that did not exist before. " The third side" New York: Penguin, 2000  Lederach. The Little Book of Conflict Transformation  Szulc, Tad. Edited by John Paul Lederach and Janice Moomaw Jenner.
At the same time, the absence of respect can lead to conflict. Recognize respect to be a basic human right, treat individuals and states with dignity, and you will receive a more sustainable response. How to talk to a Dictator  The Mac Arthur Fellows Program.  "All I Really Need to Know I Learned in Kindergarten" available online at as a book with the same title written by Robert Fulghum.
In short, respect is a positive view that you form of how someone is living their life.
On the other hand, self-respect is your view of how you’re living your life.
First is the importance of treating parties to a conflict with civility and honor.
Once people are accorded respect, they are more willing to make compromises which are long term and sustainable, rather than those that are made under duress.