The increasing prominence of developing countries in the world economy reects not only their economic dynamism but also stronger links through increased South-South trade, investment and cooperation. Developing countries in both Latin America and East Asia must act proactively to prepare themselves for this new scenario, adjusting their policies and strategies so as to take advantage of the growing potential of South-South links. In this regard, authorities from both regions should redouble their efforts to identify and capitalize upon their potential complementarities, by creating biregional business alliances, enhancing cooperation in innovation and human capital, improving the quality of trade and investment ows, and helping create more stable conditions for growth. In sum, events surrounding the global economy in recent years require developing countries in both regions to rethink their strategic alliances both globally and regionally. These sustained efforts on either side should be complemented by biregional cooperation on different fronts. There is a wealth of potential for mutually advantageous cooperation between East Asia and Latin America, on issues such as food and energy security, sustainable development (including green growth and climate change), infrastructure, science and technology, and trade facilitation. The Forum for East Asia-Latin America Cooperation (FEALAC) can and must play a leading role as a focal point for structuring a biregional cooperation agenda.