The Organization of the Black Sea Economic Cooperation (BSEC) is a regional
international organization
An international organization, also known as an intergovernmental organization or an international institution, is an organization that is established by a treaty or other type of instrument governed by international law and possesses its own le ...
focusing on multilateral political and economic initiatives aimed at fostering cooperation, peace, stability and prosperity in the
Black Sea
The Black Sea is a marginal sea, marginal Mediterranean sea (oceanography), mediterranean sea lying between Europe and Asia, east of the Balkans, south of the East European Plain, west of the Caucasus, and north of Anatolia. It is bound ...
region. It traces its origin to 25 June 1992, when Turkish President
Turgut Özal and leaders of ten other countries gathered in
Istanbul
Istanbul is the List of largest cities and towns in Turkey, largest city in Turkey, constituting the country's economic, cultural, and historical heart. With Demographics of Istanbul, a population over , it is home to 18% of the Demographics ...
and signed the Summit Declaration and the "
Bosphorus
The Bosporus or Bosphorus Strait ( ; , colloquially ) is a natural strait and an internationally significant waterway located in Istanbul, Turkey. The Bosporus connects the Black Sea to the Sea of Marmara and forms one of the continental bo ...
Statement". BSEC Headquarters – the Permanent International Secretariat of the Organization of the Black Sea Economic Cooperation (BSEC PERMIS) – was established in March 1994, also in
Istanbul
Istanbul is the List of largest cities and towns in Turkey, largest city in Turkey, constituting the country's economic, cultural, and historical heart. With Demographics of Istanbul, a population over , it is home to 18% of the Demographics ...
.
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 (then Serbia and Montenegro) in April 2004, the Organization’s Member States increased to twelve.
North Macedonia's accession in 2020 increased the organization's membership to thirteen.
An important aspect of the activities of BSEC is the development of SME and entrepreneurship in the member countries. Concerning these issues, a series of workshops have been organized in cooperation with
Konrad Adenauer Foundation and
ERENET.
Membership
Member countries
Founding members
Later members

As seen above, membership has not been restricted to countries which have access to the
Black Sea
The Black Sea is a marginal sea, marginal Mediterranean sea (oceanography), mediterranean sea lying between Europe and Asia, east of the Balkans, south of the East European Plain, west of the Caucasus, and north of Anatolia. It is bound ...
: Albania, Armenia, Azerbaijan, Greece, North Macedonia, Moldova, and Serbia do not have coastlines on the Black Sea, though the last two are connected through the Danube river corridor and Greece through the two sea straits.
North Macedonia
North Macedonia, officially the Republic of North Macedonia, is a landlocked country in Southeast Europe. It shares land borders with Greece to the south, Albania to the west, Bulgaria to the east, Kosovo to the northwest and Serbia to the n ...
's application was vetoed by Greece after Turkey vetoed the previous application of the
Republic of Cyprus
Cyprus (), officially the Republic of Cyprus, is an island country in the eastern Mediterranean Sea. Situated in West Asia, its cultural identity and geopolitical orientation are overwhelmingly Southeast European. Cyprus is the third lar ...
, prompting Greece to cease to approve future applications from any country.
However, North Macedonia was admitted into the bloc on 9 November 2020.
Observer nations
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Observer organizations
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International Black Sea Club
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Energy Charter Secretariat
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European Commission
The European Commission (EC) is the primary Executive (government), executive arm of the European Union (EU). It operates as a cabinet government, with a number of European Commissioner, members of the Commission (directorial system, informall ...
*
Black Sea Commission
Sectoral dialogue partner countries
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Sectoral dialogue partner organizations
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Black and Azov Seas Ports Association (BASPA)
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Black Sea International Shipowners Association (BINSA)
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Black Sea Region Association of Shipbuilders and Shiprepairers (BRASS)
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Black Sea Universities Network (BSUN)
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Union of Road Transport Association in the Black Sea Economic Cooperation Region (BSEC-URTA)
Conference of Peripheral Maritime Regions for Europe (CPMR)*
Danube Commission
International Network for SMEs (INSME)*
World Tourism Organization
The United Nations World Tourism Organization or UN Tourism (formerly UNWTO) is a specialized agency of the United Nations which promotes responsible, sustainable and universally-accessible tourism. Its headquarters are in Madrid, Spain. Othe ...
International organizations
*
Eurasian Economic Union
The Eurasian Economic Union (EAEU or EEU)EAEU is the acronym used on thorganisation's website However, many media outlets use the acronym EEU. is an economic union of five post-Soviet states located in Eurasia. The EAEU has an integrated single ...
* International Commission of
TRACECA
*
Interparliamentary Assembly on Orthodoxy
*
Parliamentary Assembly of the Mediterranean
The Central European Initiative*
United Nations
The United Nations (UN) is the Earth, global intergovernmental organization established by the signing of the Charter of the United Nations, UN Charter on 26 June 1945 with the stated purpose of maintaining international peace and internationa ...
*
United Nations Development Programme
The United Nations Development Programme (UNDP) is a United Nations agency tasked with helping countries eliminate poverty and achieve sustainable economic growth and human development. The UNDP emphasizes on developing local capacity towar ...
*
United Nations Economic Commission for Europe
The United Nations Economic Commission for Europe (ECE or UNECE) is an intergovernmental organization or a specialized body of the United Nations. The UNECE is one of five regional commissions under the jurisdiction of the United Nations Econom ...
*
United Nations Industrial Development Organization
The United Nations Industrial Development Organization (UNIDO) (French: Organisation des Nations unies pour le développement industriel; French/Spanish acronym: ONUDI) is a specialized agency of the United Nations that assists countries in e ...
*
World Bank
The World Bank is an international financial institution that provides loans and Grant (money), grants to the governments of Least developed countries, low- and Developing country, middle-income countries for the purposes of economic development ...
*
World Trade Organization
The World Trade Organization (WTO) is an intergovernmental organization headquartered in Geneva, Switzerland that regulates and facilitates international trade. Governments use the organization to establish, revise, and enforce the rules that g ...
Structure

* ''Summit Meetings of the Heads of State or Government of the Member States'' meets regularly every 5 years;
* ''Council of Ministers of Foreign Affairs'' is the main decision-making organ of BSEC, and meets twice a year;
* ''The Council of Ministers'' meets to achieve consensus on specific issues;
* ''The Committee of Senior Officials'' meets 4 times a year and acts on behalf of Ministers of Foreign Affairs;
* ''The Subsidiary Organs'' formed by the Council of Ministers of Foreign Affairs deal with their mandate defined by the Council, prepare joint projects and follow the implementation of these projects. Working Groups and Groups of Experts are the Subsidiary Organs;
* ''Chairmanship-in-Office'' coordinates all activities of BSEC, as well as, it controls the proper conduct of the activities of the organization and implementation of the Resolutions and Decisions adopted by the Council. In English alphabetical order, one of the Member States heads the Chairmanship-in-Office every 6 months.
Chairmanship in BSEC is performed by
Ukraine
Ukraine is a country in Eastern Europe. It is the List of European countries by area, second-largest country in Europe after Russia, which Russia–Ukraine border, borders it to the east and northeast. Ukraine also borders Belarus to the nor ...
for the term of 1 July - 31 December 2017.
Related bodies
Related bodies of BSEC carry out their functions due respect to the principles of BSEC defined in the Summit Declaration of 25 June 1992 and in the Charter. They have their own budget.
Parliamentary Assembly of the Black Sea Economic Cooperation (PABSEC)
The Parliamentary Assembly of the Black Sea Economic Cooperation based in Istanbul, is the inter-parliamentary consultative institution of the organization formed based on the Declaration on the Establishment of the Parliamentary Assembly of the Black Sea Economic Cooperation on February 26, 1993 by 9 founding states.
Greece
Greece, officially the Hellenic Republic, is a country in Southeast Europe. Located on the southern tip of the Balkan peninsula, it shares land borders with Albania to the northwest, North Macedonia and Bulgaria to the north, and Turkey to th ...
joined PABSEC in 1995,
Bulgaria
Bulgaria, officially the Republic of Bulgaria, is a country in Southeast Europe. It is situated on the eastern portion of the Balkans directly south of the Danube river and west of the Black Sea. Bulgaria is bordered by Greece and Turkey t ...
joined in 1997, and
Serbia
, image_flag = Flag of Serbia.svg
, national_motto =
, image_coat = Coat of arms of Serbia.svg
, national_anthem = ()
, image_map =
, map_caption = Location of Serbia (gree ...
(former
Serbia and Montenegro
The State Union of Serbia and Montenegro or simply Serbia and Montenegro, known until 2003 as the Federal Republic of Yugoslavia and commonly referred to as FR Yugoslavia (FRY) or simply Yugoslavia, was a country in Southeast Europe locate ...
) joined in 2004.
Representatives of Parliaments of member countries pursue objectives which are stated in the preamble of the PABSEC Rules and Procedures: insure the understanding and adoption of the ideas and objectives of BSEC; provide a legal basis for social, economic, cultural, commercial and political cooperation among the member states; provide support to the national parliaments to reinforce the parliamentary democracy; pass the legislation required for the implementation of the decisions adopted by the Heads of States or by the Ministers of Foreign Affairs.
Main bodies of PABSEC are General Assembly, Standing Committee, the Bureau, Committees, the President, the Secretary General, and the International Secretariat. The Assembly is composed of 76 members.
English,
French,
Russian and
Turkish are the working languages of PABSEC.
The President of PABSEC is
Archil Talakvadze from
Georgia
Georgia most commonly refers to:
* Georgia (country), a country in the South Caucasus
* Georgia (U.S. state), a state in the southeastern United States
Georgia may also refer to:
People and fictional characters
* Georgia (name), a list of pe ...
, the Vice-President is
Anush Beghloyan from
Armenia
Armenia, officially the Republic of Armenia, is a landlocked country in the Armenian Highlands of West Asia. It is a part of the Caucasus region and is bordered by Turkey to the west, Georgia (country), Georgia to the north and Azerbaijan to ...
.
Black Sea Economic Cooperation Organization Business Council (BSEC BC)
The Black Sea Economic Cooperation Organization Business Council was formed in 1992 as an international, non-governmental and non-profit organization to strengthen the improvement of the business environment within Black Sea region. Business Council represents the business communities of member states. The International Secretariat of Business Council is based in Istanbul.
Black Sea Trade and Development Bank (BSTDB)
The Black Sea Trade and Development Bank (BSTDB) is an international
financial institution
A financial institution, sometimes called a banking institution, is a business entity that provides service as an intermediary for different types of financial monetary transactions. Broadly speaking, there are three major types of financial ins ...
that was formed 24 January 1997.
It supports economic development and regional cooperation by providing trade and project financing, guarantees, and equity for development projects supporting both public and private enterprises in its member countries. Objectives of the bank include promoting regional trade links, cross country projects, foreign direct investment, supporting activities that contribute to sustainable development, with an emphasis on the generation of employment in the member countries, ensuring that each operation is economically and financially sound and contributes to the development of a market orientation. The organization has an authorized capital of $1.325 billion. The bank's headquarters are located in Thessaloniki, Greece.
BSTDB is governed by the Agreement Establishing
Black Sea Trade and Development Bank, a
United Nations
The United Nations (UN) is the Earth, global intergovernmental organization established by the signing of the Charter of the United Nations, UN Charter on 26 June 1945 with the stated purpose of maintaining international peace and internationa ...
registered treaty.
Unlike the
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ...
and others, the BSTDB does not attach policy conditions by which debtor states can be controlled. The Bank has a long term
credit rating
A credit rating is an evaluation of the credit risk of a prospective debtor (an individual, a business, company or a government). It is the practice of predicting or forecasting the ability of a supposed debtor to pay back the debt or default. The ...
of 'A' from
Moody's Investors Service
Moody's Ratings, previously and still legally known as Moody's Investors Service and often referred to as Moody's, is the bond credit rating business of Moody's Corporation, representing the company's traditional line of business and its histo ...
and an 'A3' from
Standard & Poor's
S&P Global Ratings (previously Standard & Poor's and informally known as S&P) is an American credit rating agency (CRA) and a division of S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. S&P is co ...
, both with a stable outlook.
International Centre for Black Sea Studies (ICBSS)
''The International Center for Black Sea Studies'' is an independent think tank focused on the wider Black Sea region, which serves as a related body of BSEC at the same time. It was established in 1998.
BSEC Coordination Center for the Exchange of Statistical Data and Economic Information (BCCESDEI)
The BSEC Coordination Center for the Exchange of Statistical Data and Economic Information was established with the aim to collect statistical and economic information, accomplish secretarial functions, coordinate obtained data and share it with member countries.
Working Groups
Member states are cooperating on different issues within the Working Groups.
They are the following:
The functions of Working Groups, of which country coordinators have not been appointed yet, are performed temporarily by the ''PERMIS''.
See also
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Black Sea Forum for Partnership and Dialogue
*
Black Sea Trade and Development Bank (BSTDB)
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Black Sea trade and economy
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Central European Free Trade Agreement
The Central European Free Trade Agreement (CEFTA) is an international trade agreement between countries mostly located in Southeastern Europe. Founded by representatives of Poland, Hungary and Czechoslovakia, CEFTA in 2006 expanded to Albania, Bo ...
(CEFTA)
*
Central European Initiative (CEI)
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EU Med Group
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International Centre for Black Sea Studies (ICBSS)
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Southeast European Cooperation Process (SEECP)
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Southeast European Cooperative Initiative (SECI)
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Southeast Europe Transport Community
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Stability Pact for Southeastern Europe (SP for SEE)
Notes
Joined as in April 2004;
BSEC membership was inherited by Serbia after the country dissolved in 2006.
References
External links
BSEC website
{{DEFAULTSORT:Organization Of The Black Sea Economic Cooperation
Organizations established in 1992
International economic organizations
United Nations General Assembly observers
Black Sea region
Black Sea organizations
International organizations based in Turkey
European integration
Organizations based in Istanbul