Organization of the Black Sea Economic Cooperation (BSEC)

Date of establishment: 1 May 1999

Headquarters: Istanbul (Turkey)

Member-States: Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Serbia, Turkey, Ukraine

The Republic of Bulgaria is holding the Chairmanship-in-Office for the period 1 January 2014 – 30 June 2014.

The Organization of the Black Sea Economic Cooperation (BSEC) is an international economic organization of the countries from the wider Black Sea area. The organization emerges on the basis of the initiative for economic cooperation between the Black Sea countries taken by the Republic of Turkey in 1992. The idea that strong economic cooperation among the countries of the wider Black sea area will contribute to the peace and stability in the region, is the fundamental philosophy of the creation of BSEC. In 1998, when the Charter of BSEC was adopted in Yalta, from an initiative BSEC was officially transformed into an Organisation for regional cooperation.

BSEC has four related bodies – Parliamentary Assembly (PABSEC), Black Sea Bank for Trade and Development (BSBTD), Business Council and International Center for Black Sea Studies (ICBSS).

BSEC Member States, which differ in their level of development, size and population, encompass a territory that is approximately 20 million sq. km with 350 million inhabitants.

BSEC serves as a forum for cooperation on a large scale, having a great potential for contributing to the process of political approximation of the region, providing opportunities for interaction among countries. BSEC meetings provide a platform for regular contacts of representatives of the member-states, some of which don’t even have diplomatic relations.

Bulgarian participation in BSEC, being part of the country’s regional policy in the wider Black Sea area, aims at enhancing stability and security in the region, which is a prerequisite for achieving economic growth, competitiveness and prosperity.

Ministry of Foreign Affairs of Republic of Bulgaria © 2014. All rights reserved.