China and Brazil have been cooperating in space since 1986 and, after 15 years of successful joint creative work, the two sides agreed a 2002 Protocol, providing a more concrete framework for further cooperation in space projects. This bilateral agreement was heralded as an authentic bilateral effort amplifying the so-called South–South relationship. A close examination of the Protocol has revealed that the document, while responding to the UN Declaration on International Cooperation, has made a significant contribution and set a good example for space cooperation among developing countries. Placed against the background of ongoing space commercialization, the success of this model can test the viability of existing space commercial rules and help introduce further improvements.