The old patterns of world trade dominated by the
advanced economies in the North are being transformed
as emerging economies in the South become new poles of
trade expansion. Since 1990, South-South trade – that is,
trade among emerging and other developing economies
– has grown from 8 per cent of world trade in 1990 to
around 25 per cent today, and is projected to reach 30 per
cent by 2030. Trade corridors between Asia and North
America, and between Asia and Europe, now surpass
the old transatlantic trade corridor, while trade corridors
between Africa and Asia or Latin America and Africa are
growing in importance. Even as the South’s share of world
trade expands, world trade as a whole continues to grow,
meaning that developing countries have ever-richer and
more diverse markets for their exports. In short, the rise of
new trade powers is a positive sum game.