The UNCTAD report showed that trade among developing countries have become more frequent and expanded in scale, especially those between Asian and African countries.

The IMF report highlights developing countries' potential for further development, while the UNCTAD report reveals the potential of cooperation among the developing countries.

In fact, many developing countries have already realized the value and prospect of the South-South cooperation. They are trying to boost trade among themselves in a bid to diversify trade and investment and facilitate mutual development.

For example, the Dialogue Forum set up by India, Brazil and South Africa in 2003 has growing from a loose alliance into significant mechanism for boosting trade and investment among the three countries, along with the deepening of consultation and broadening of topics.

South African Foreign Minister Nkosazana Dlamini-Zuma described the forum as "an embodiment of the South-South cooperation," adding that the three countries could work together and do a lot to improve the lives of their people.

In addition, the China-Africa cooperation forum has started a new model for South-South cooperation, which is based on sincerity and friendship, equality and mutual benefit, unity and cooperation as well as common development.

China respects the development model of African countries' own choice and does not seek to impose on them its values and development models, which constitutes a far cry from the developed countries tending to attach many additional conditions for their assistance to Africa.

Assistant Director-General of the UN Food and Agriculture Organization (FAO) and Regional Representative for Asia and the Pacific, He Changchui noted that with their economies highly complementary to each other, China and African countries can share experience in many fields.

The China-Africa cooperation forum may well serve as an example for South-South cooperation, he said.

For the developing countries, analysts noted, the South-South cooperation has great economic as well as political significance.