Increasing reliance on APEC to grow world economy

Such impressive potential is also driving other members. This year's host Indonesia, in addition to sprucing up security, is also planning to emphatically call for the inclusion of palm oil and rubber into the extended list of 54 green goods on which tariffs will be capped at 5 percent and eliminated by 2015.

As the world's largest palm oil producer and third largest rubber exporter, Indonesia has been lobbying for this inclusion for years but also has other expectations under its belt, according to the Jakarta Post.

With such attractive prospects it is not surprising that many economies are in the waiting line to gain membership.

India, is one such economy that has been pushing for membership for years, finally gaining observer status in 2011. Pakistan, Bangladesh, Sri Lanka, Macao, Mongolia, Laos, Cambodia, Costa Rica, Colombia, Panama, and Ecuador, are among a dozen economies seeking APEC membership.

The reluctance of APEC to accept new members, especially economically vibrant economies such as India, is one of the key criticisms leveled against the organization. There is also ire from smaller economies that are not allowed membership but have to deal with the consequences of APEC decisions.

Be that as it may APEC now has to focus on effectively implementing its three pillars, namely, trade and investment liberalization, business facilitation and economic and technical cooperation. All these are essential if the bloc is to continue accounting for more than half the world's GDP and have the capacity to lift millions out of poverty.

Therefore it is clear that the 2013 edition of APEC will have much to achieve for the benefit of the entire world.