What is South-South Cooperation?

In 1978, the United Nations established the Unit for South–South Cooperation to promote South–South trade and collaboration within its agencies.
However, the idea of South–South cooperation only started to influence the field of development in the late 1990s. Due to the geographical spectrum, the cooperation is now well known as South America-Africa (ASA) cooperation.
The ASA cooperation has so far held two summits. The first summit was held in Abuja, Nigeria in 2006 where 53 delegates from Africa and 12 from South America attended. The second and most recent one was held on the Margarita Island in Venezuela in Sept 2009 where 49 heads of states from Africa and 12 heads of states from South America attended.
South–South cooperation has been successful in decreasing dependence on the aid programs of developed countries and in creating a shift in the international balance of power.