The article examines the potential contribution of triangular cooperation (TrC) as an emerging form of foreign aid. By reviewing the Japanese TrC practices, it addresses some critical questions from the perspective of national interests, development impact, and ownership. Under the declining trend of foreign aid as a form of resource transfer to the global South, future TrC should address questions beyond the realm of technical cooperation. The article claims that the primary function of TrC is to maintain donor relationships with emerging powers that are graduating from aid recipient status, while highlighting its potential and limitations for promoting TrC among China, South Korea, and Japan.