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.
Aiming at fostering interaction and harmony among its members, as well as to ensure peace, stability and prosperity, encouraging friendly and good-neighborly relations in the Black Sea region, today BSEC serves as a forum for cooperation in a wide range of areas for its 13 Member States: Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, North Macedonia, Romania, Russia, Serbia, Türkiye and Ukraine.
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.
Agriculture and agro-industry, banking and finance, combating organized crime, culture, customs matters, education, emergency assistance, energy, environmental protection, exchange of statistical data and economic information, healthcare and pharmaceutics, information and communication technologies, institutional renewal and good governance, science and technology, SMEs, tourism, trade and economic development and transport are among the main fields of cooperation within the framework of the Organization.
Facts about the BSEC Region:
- BSEC covers a geography encompassing the territories of the Black Sea littoral States, the Balkans and the Caucasus with an area of nearly 20 million square kilometers. The BSEC region is located on two continents;
- It represents a region of more than 350 million people. The overall trade turnover of the BSEC region for the year 2023 is in the range of approximately 2 trillion USD, while the intra-BSEC trade volume has reached around 320 billion USD.
- After the Persian Gulf region, it is the second-largest source of oil and natural gas along with its rich proven reserves of minerals, metals and other natural resources;
- It is becoming Europe's major transport and energy transfer corridor.
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