Organization of the Black Sea Economic Cooperation—BSEC

Abstract

The Black Sea Economic Cooperation (BSEC) was established in 1992 to strengthen regional co-operation, particularly in the field of economic development. In June 1998, at a summit meeting held in Yalta, Ukraine, participating countries signed the BSEC Charter, thereby officially elevating BSEC to regional organization status. The Charter entered into force on 1 May 1999, at which time BSEC formally became the Organization of the Black Sea Economic Cooperation, retaining the same acronym. Sectoral Dialogue Partnership status has been granted to Iran, Japan, the Republic of Korea, Montenegro and Slovenia, and 10 intergovernmental organizations. The Council of Ministers of Foreign Affairs is BSEC's principal decision-making organ. Chairmanship of the Council rotates among members every six months; the Chairman-in-Office co-ordinates the activities undertaken by BSEC. In April 2008 the Council adopted the modalities for BSEC fast-track co-operation, aimed at enabling sub-groups of member states to proceed with policies that other member states were unwilling or unable to pursue.