The purpose of this study is to identify the ways in which the Korea government can pursue the medium- and long-term policies for economic cooperation with developing countries. Together, it suggests the scale and formation of cooperation and its strategy by region and country through a comparison with developed countries.The composition of this study is as follows. Section II reviews the theoretical development of economic cooperation and its recent transformation. Section III examines the performance and direction of economic cooperation of advanced nations such as the United States, Japan, Europe, Canada and Australia. Section IV analyzes the problems and the current status of Korea's economic cooperation policy with developing countries. Section V suggests medium- and long-term policies for Korea's economic cooperation with developing countries.