25 June, 1992
The Black Sea Economic Cooperation (BSEC) came into existence as a unique and promising model of multilateral political and
economic initiative with the signing of the Istanbul Summit Declaration and the Bosphorus
Statement by the Heads of State and Government of the countries in the region, on
25 June 1992.
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
- the Organization of the Black Sea Economic Cooperation.