Black Sea Economic Cooperation BSEC Europe Russia Turkey

Course summary The Black Sea Economic Cooperation (BSEC):

On 1992, the Heads of State and Government of 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 (BSEC).

In 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 and Montenegro in April 2004, the Organization’s Member States increased to twelve.

BSEC represents a region of some 350 million people with a foreign trade capacity of over USD 300 billion annually. After the Persian Gulf region, it is the second-largest source of oil and natural gas along with its rich proven reserves of minerals and metals. It is becoming Europe's major transport and energy transfer corridor

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The purpose of the Bank is to accelerate development and promote co-operation among its shareholder countries.

Example of the course Black Sea Economic Cooperation (BSEC):

Topic: Globalization and regionalization