About BSEC

BSEC History and concept



The Black Sea Economic Cooperation was established on June 25, 1992, in Istanbul, when the Summit Declaration was signed by the Heads of State and Government of eleven countries – Republic of Albania, Republic of Armenia, Republic of Azerbaijan, Republic of Bulgaria, Georgia, Hellenic Republic, Republic of Moldova, Romania, Russian Federation, Republic of Turkey and Ukraine – thus setting up a regional structure of multilateral cooperation in various fields of economic activity.

With the entry into force of its Charter on 1 May 1999, it acquired international legal identity and was transformed into a full-fledged regional economic intergovernmental organization: Organization of the Black Sea Economic Cooperation.

Permanent International Secretariat

On March 10, 1994, the BSEC Permanent International Secretariat (PERMIS) was established in Istanbul by the decision of the Council of Ministers of Foreign Affairs

Project Development Fund (PDF)

Since 2004, the BSEC Project Development Fund (PDF) provides grants to pre-feasibility studies of significant regional projects under the guidance of the BSEC Working Groups.

Principles and objectives

According to the Charter of the Organization the following principles and objectives shall be promoted through the BSEC activities at various levels:

  • to act in a spirit of friendship and good neighborliness and enhance mutual respect and confidence, dialogue and cooperation among the Member States;
  • to further develop and diversify bilateral and multilateral cooperation on the basis of the principles and rules of international law;
  • to act for improving the business environment and promoting individual and collective initiative of the enterprises and companies directly involved in the process of economic cooperation;
  • to develop economic collaboration in a manner not contravening the international obligations of the Member States including those deriving from their membership to international organizations or institutions of an integrative or other nature and not preventing the promotion of their relations with third parties;
  • to take into account the specific economic conditions and interests of the Member States involved;
  • to further encourage the participation in the BSEC process of economic cooperation of other interested states, international economic and financial institutions as well as enterprises and companies.

The main areas of cooperation:

  • Agriculture and Agro-Industry
  • Banking and Finance
  • Budgetary and Finance
  • Combating Crime in Particular in its Organized Forms
  • Culture
  • Customs Matters
  • Education
  • Energy
  • Environmental Protection
  • Emergency Assistance
  • Exchange of Statistical Data and Economic Information
  • Information and Communication Technologies
  • Institutional Renewal and Good Governance
  • Health and Pharmaceutics
  • SMEs
  • Science and Technology
  • Tourism
  • Trade and Economic Development
  • Transport
  • Youth and Sports