Yet risks remain. Global growth is fragile. Forums are taking place in London for business, on gender equality, youth empowerment, and the role of civil society, ahead of the meeting of heads of government, which its champions hope will give the Commonwealth new impetus going forward.
But some have pointed out that Britain's trade with Commonwealth nations now lags far behind that with its European neighbours.
Pakistan is one of the founding members of the organization.
The two main items are trade and investment.
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This is the fourth time the United Kingdom will be hosting CHOGM, which takes place every two years in different Commonwealth countries. The Commonwealth had the opportunity to work together to "remain vigilant of the destabilising forces" globalisation could unleash on communities, risking perpetuating the view that globalisation only benefited the global elite rather than leading to global prosperity.
Although the Commonwealth has focused on development and democracy, British Prime Minister Theresa May is expected to make a pitch during the meeting for greater trade with the historic network of countries, as Britain prepares to exit the European Union under Brexit.
The Indian business leaders aim to highlight opportunities for intra-Commonwealth collaboration across technology, skills, agriculture and infrastructure verticals as part of the largest Indian delegation of CEOs and young Indian business leaders to any Commonwealth Summit in recent times. India considers that the Commonwealth comprises of a very diverse set of 53 countries ranging from small island developing states to some of the most advanced industrialized countries of the world. "India's trade with Commonwealth nations is 20 per cent of its global trade basket".
Chandrajit Banerjee, CII Director-General, said: "The key question is what will be the new-age "common" factor in the Commonwealth?"