Organization of the Black Sea Economic Cooperation

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On 25 June 1992, the Heads of State and Government of eleven countries signed in Istanbul the Summit Declaration and the Bosporus 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 (then Serbia and Montenegro) in April 2004, the Organization’s Member States increased to twelve.

The BSEC is also related to the Black Sea Trade and Development Bank, an international financial institution based in Thessaloniki.

Membership

Founding members are: Later members:

As seen above, membership has not been restricted to countries which have access to the Black Sea: Albania, Armenia, Azerbaijan, Greece, Moldova, and Serbia do not have a coastline on the Black Sea. Montenegro's application was vetoed by Greece after Turkey vetoed the previous application of the Republic of Cyprus, prompting Greece to cease to approve future applications from any country.

Observer nations are the following: Observer organizations are the:

• International Black Sea Club
• Energy Charter Secretariat
• Black Sea Commission
• Commission of the European Communities

The chairmanship is currently held by Ukraine (November 2007 - May 2008).

See also

• Stability Pact for Southeastern Europe (SP for SEE)
• Southeast European Cooperation Process (SEECP)
• Central European Free Trade Agreement (CEFTA)
• Central European Initiative (CEI)
• Southeast European Cooperative Initiative (SECI)
• Black Sea Forum (BSF)
• Black Sea Trade and Development Bank (BSTDB)

Notes

References

External links

• BSEC website

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Last updated on Saturday February 23, 2008 at 14:55:59 PST (GMT -0800)
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