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, Turkey 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 340 million people. The overall trade turnover of the BSEC region is in the range of 1,5 trillion USD. The nominal combined GDP of the BSEC region is around 2,95 trillion 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.
For more information see
"BSEC Economic Agenda Towards an Enhanced BSEC Partnership”
Declaration of the 25th Anniversary Summit of the Organization of the Black Sea Economic Cooperation (Istanbul, 22 May 2017)
Istanbul Summit Declaration on the Occasion of the Twentieth Anniversary of the Organization of the Black Sea Economic Cooperation (Istanbul, 26 June 2012)
Declaration on the Occasion of the Fifteenth Anniversary Summit of the Black Sea Economic Cooperation (Istanbul, 25 June 2007)
Istanbul Decennial Summit Declaration: Looking Beyond Ten Years of Cooperation and Progress (Istanbul, 25 June 2002)
Istanbul Summit Declaration (Istanbul, 17 November 1999)
Yalta Summit Declaration (Yalta, 5 June 1998)
Moscow Declaration of the Heads of State or Government of the Participating States of the Black Sea Economic Cooperation (Moscow, 25 October 1996)
Statement of the High Level Meeting of the BSEC Participating States (Bucharest, 30 June 1995)
The Bosphorus Statement (Istanbul, 25 June 1992)
Summit Declaration on Black Sea Economic Cooperation (Istanbul, 25 June 1992)