The gap between the advanced and emerging economies continues to narrow, eroding the dominance of the developing economies. In fact, the global GDP share of the advanced world fell from 69% in 1980 to 49.6% in 2013. In the meantime, the emerging economies’ share rose from 31% to 50.4% over the same period of time. In this heterogeneous world, both the North and the South has been “equally important.” Since the advent of globalization, the global society has experienced issues transcending national boundaries, ranging from economic development to environmental protection. Although there is an ongoing debate over convergence and divergence between the advanced and emerging economies, what matters the most is putting efforts from the both sides. In an attempt to accomplish better outcomes for the future, the advanced economies should better understand the emerging economies’ perspective. At the same time, the emerging economies should not escape from taking responsibilities as their role is crucial to combat global challenges.