The Black Sea Economic Cooperation Organization (BSEC)

Objective: BSEC aims to diversify and develop the bilateral and multilateral economic, technological and social relations among its member states by utilizing their potential, geographical proximity and complementary features of their economies. It is a priority for BSEC to make Black Sea basin into a region of peace, stability and prosperity. BSEC emphasizes the importance of economic cooperation to achieve these ends.

Date of Establishment: 25 June 1992

Headquarters: Istanbul, Turkey

Secretary-General: Michael B. Christides (Greece)

Member States : Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russian Federation, Serbia, Turkey, Ukraine.

Related Bodies and Affiliated Centers: Parliamentary Assembly of the Black Sea Economic Cooperation (PABSEC), BSEC Business Council, Black Sea Trade and Development Bank (BSTDB), International Center for Black Sea Studies (ICBSS), BSEC Coordination Center for the Exchange of Statistical Data and Economic Information

Member States: 
Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece Moldova, Romania, Russian Federation, Serbia, Turkey, Ukraine.

 

Observers:
Austria, Belarus, Croatia, Czech Republic, Egypt, France, Germany, Hungary, Israel, Italy, Poland, Slovak Republic, Tunisia, United States of America, Energy Charter, European Commission, International Black Sea Club, the Commission on the Protection of the Black Sea Against Pollution.

Sectoral Diologue Partners:

Iran, Japan, Korea, Montenegro, Slovenia, Black Sea International Shipowners Association (BINSA), Black & Azov Seas Ports Association (BASPA), Union of Road Transport Association in the Black Sea Economic Cooperation Region (BSEC-URTA), Black Sea Region Association of Shipbuilders and Shiprepairers (BRASS), Black Sea Universities Network (BSUN), Black Sea Broadcasting Regulatory Authorities Forum (BRAF), Danube Commission, Conference of Peripheral Maritime Regions of Europe (CPMR), International Network for SMEs (INSME), UN World Tourism Organization.

Background

On 25 June 1992, the Heads of State and Government of eleven countries, Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey and Ukraine, signed in Istanbul the Summit Declaration and the Bosphorus Statement giving birth to the Black Sea Economic Cooperation (BSEC). It came into existence as a unique and promising model of multilateral political and economic initiative aimed at fostering interaction and harmony among the Member States, as well as to ensure peace, stability and prosperity encouraging friendly and good-neighbourly relations in the Black Sea region.

The BSEC Headquarters - the Permanent International Secretariat of the Organization of the Black Sea Economic Cooperation (BSEC PERMIS) - was established in March 1994 in Istanbul.

With the entry into force of its Charter on 1 May 1999, BSEC acquired international legal identity and was transformed into a full-fledged regional economic organization: Organization of the Black Sea Economic Cooperation. With the accession of Serbia in April 2004, the Organization’s Member States increased to twelve. The accesion of North Macedonia has been approved at June 2019 and after it completes its internal legal procedures, North Macedonia will be the thirteenth member state of BSEC.

The Chair of BSEC for the first half of 2020 is Romania.

Turkey has played an proactive role in the establishment of BSEC, which has since become a comprehensive and full-fledged economic organization. As a founding member, Turkey hosts the BSEC Headquarters and Secretariat and closely follows BSEC activities.