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In the context of globalization, trade among developing countries continues to grow. South Africa, the continent’s emerging power, and its poor country neighbor, Madagascar, are part of this dynamic. This paper examines South Africa’s interest in Madagascar on a continental scale and in the context of regionalizing trade, and then focuses on bilateral relations between the two countries, which are both heterogeneous and asymmetric. Finally, the article examines the reasons why trade between these two neighboring countries still remains stunted. We also examine the gradual marginalization of France in the economic development of its former colonies in Africa, compared to the growth of emerging countries.