South-South cooperation, as an important element of international cooperation for development, offers viable opportunities for developing countries and countries with economies in transition in their individual and collective pursuit of sustained economic growth and sustainable development.

To mark the importance of South-South Cooperation, the UN General Assembly decided to observe this Day on 12 September every year, commemorating the adoption in 1978 of the Buenos Aires Plan of Action for Promoting and Implementing Technical Cooperation among Developing Countries.