On 25 June 1992, the Heads of State and Government of eleven
countries, Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova,
Romania, Russia, Turkey and Ukraine, signed in Istanbul the Summit Declaration
and the Bosphorus Statement giving birth to the Black Sea Economic Cooperation
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
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 in April 2004, the Organizationӳ Member States
increased to twelve.
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 with almost 350 million population.
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
Tto 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.