Abstract: This paper examines the Southern perspective on Triangular Cooperation (TrC) and argues that Southern countries largely align their TrC practices with the principles and modalities of South–South Cooperation (SSC). Their engagement reflects core SSC values such as self-reliance, mutual benefit, equality, respect of national sovereignty, and demand-driven supportand non-conditionalities. TrC has become an important mechanism for addressing priority development sectors-including climate change, agriculture, health, women’s empowerment, and rural development-which are central to the development agenda of the Global South. In a landscape marked by declining ODA, rising geopolitical tensions, and growing development needs, TrC has emerged as an innovative modality for mobilising collective knowledge, resources, and expertise. It promotes multiactor and multi-country collaboration, strengthens trust-based partnerships, and supports cross-regional learning, thereby contributing to the achievement of the Sustainable Development Goals (SDGs). The paper underscores the need for innovative financing mechanisms, stronger institutional frameworks, and the scaling up of sector-specific TrC initiatives. Recent proposals under the IBSA framework such as the IBSA Digital Innovation Alliance and the IBSA Fund for Climate-Resilient Agriculture reflect the growing commitment of Southern partners to advance TrC. Strengthening complementarities between Southern and Northern modalities will be crucial to unlocking its full transformative potential.