Organization of the Black Sea Economic Cooperation
Encyclopedia
On 25 June 1992, the Heads of State and Government of eleven countries signed in Istanbul
the Summit Declaration and the Bosporus
Statement giving birth to the Black Sea
Economic Cooperation (BSEC). It came into existence as a 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 region.
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 (then Serbia and Montenegro) in April 2004, the Organization’s Member States increased to twelve.
An important aspect of the activities of BSEC is the development of SME and entrepreneurship in the member countries. Concerning these issues, a series of workshops have been organized in cooperation with Konrad-Adenauer-Stiftung and ERENET
.
Founding members are:
Later members:
As seen above, membership has not been restricted to countries which have access to the Black Sea
: Albania, Armenia, Azerbaijan, Greece, Moldova, and Serbia do not have a coastline on the Black Sea. Montenegro's application was vetoed by Greece after Turkey vetoed the previous application of the Republic of Cyprus
, prompting Greece to cease to approve future applications from any country.
Observer nations are the following:
Observer organizations are the:
The chairmanship is currently held by Bulgaria
(1 November 2009 – 31 May 2010)
financial institution
that was formed 24 January 1997. supports economic development and regional cooperation by providing trade and project financing, guarantees, and equity for development projects supporting both public and private enterprises in its member countries. Objectives of the bank include promoting regional trade links, cross country projects, foreign direct investment, supporting activities that contribute to sustainable development, with an emphasis on the generation of employment in the member countries, ensuring that each operation is economically and financially sound and contributes to the development of a market orientation. The organization has an authorized capital of $1.325 billion. The bank's headquarters are located in Thessaloniki, Greece
BSTDB is governed by the Agreement Establishing Black Sea Trade and Development Bank, a United Nations
registered treaty. The organization was established January 24 1997. Unlike the International Monetary Fund
and others, the BSTDB does not attach policy conditions by which debtor states can be controlled. Moody's Investors Service gives the organization a positive 'Baa1' credit rating
.
Istanbul
Istanbul , historically known as Byzantium and Constantinople , is the largest city of Turkey. Istanbul metropolitan province had 13.26 million people living in it as of December, 2010, which is 18% of Turkey's population and the 3rd largest metropolitan area in Europe after London and...
the Summit Declaration and the Bosporus
Bosporus
The Bosphorus or Bosporus , also known as the Istanbul Strait , is a strait that forms part of the boundary between Europe and Asia. It is one of the Turkish Straits, along with the Dardanelles...
Statement giving birth to the Black Sea
Black Sea
The Black Sea is bounded by Europe, Anatolia and the Caucasus and is ultimately connected to the Atlantic Ocean via the Mediterranean and the Aegean seas and various straits. The Bosphorus strait connects it to the Sea of Marmara, and the strait of the Dardanelles connects that sea to the Aegean...
Economic Cooperation (BSEC). It came into existence as a 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 region.
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
Istanbul
Istanbul , historically known as Byzantium and Constantinople , is the largest city of Turkey. Istanbul metropolitan province had 13.26 million people living in it as of December, 2010, which is 18% of Turkey's population and the 3rd largest metropolitan area in Europe after London and...
.
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 (then Serbia and Montenegro) in April 2004, the Organization’s Member States increased to twelve.
An important aspect of the activities of BSEC is the development of SME and entrepreneurship in the member countries. Concerning these issues, a series of workshops have been organized in cooperation with Konrad-Adenauer-Stiftung and ERENET
ERENET
ERENET is an open-ended research and development network aiming at carrying out research on entrepreneurship and developing entrepreneurial curricula and teaching materials among the Central- and Eastern European high-schools and academic universities...
.
Membership
Later members:
Black Sea
The Black Sea is bounded by Europe, Anatolia and the Caucasus and is ultimately connected to the Atlantic Ocean via the Mediterranean and the Aegean seas and various straits. The Bosphorus strait connects it to the Sea of Marmara, and the strait of the Dardanelles connects that sea to the Aegean...
: Albania, Armenia, Azerbaijan, Greece, Moldova, and Serbia do not have a coastline on the Black Sea. Montenegro's application was vetoed by Greece after Turkey vetoed the previous application of the Republic of Cyprus
Cyprus
Cyprus , officially the Republic of Cyprus , is a Eurasian island country, member of the European Union, in the Eastern Mediterranean, east of Greece, south of Turkey, west of Syria and north of Egypt. It is the third largest island in the Mediterranean Sea.The earliest known human activity on the...
, prompting Greece to cease to approve future applications from any country.
Observer nations are the following:
Observer organizations are the:
- International Black Sea ClubInternational Black Sea ClubInternational Black Sea Club is an international non-governmental organisation uniting several cities on the Black Sea and in its vicinity. It has the status of Observer in the Black Sea Economic Cooperation organisation and the special Consultative Status with the United Nations Economic and...
- Energy Charter Secretariat
- Black Sea Commission
- Commission of the European Communities
- The Marmara Group Strategic and Social Research Foundation
The chairmanship is currently held by Bulgaria
Bulgaria
Bulgaria , officially the Republic of Bulgaria , is a parliamentary democracy within a unitary constitutional republic in Southeast Europe. The country borders Romania to the north, Serbia and Macedonia to the west, Greece and Turkey to the south, as well as the Black Sea to the east...
(1 November 2009 – 31 May 2010)
Black Sea Trade and Development Bank
The Black Sea Trade and Development Bank (BSTDB) is an internationalInternational
----International mostly means something that involves more than one country. The term international as a word means involvement of, interaction between or encompassing more than one nation, or generally beyond national boundaries...
financial institution
Financial institution
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...
that was formed 24 January 1997. supports economic development and regional cooperation by providing trade and project financing, guarantees, and equity for development projects supporting both public and private enterprises in its member countries. Objectives of the bank include promoting regional trade links, cross country projects, foreign direct investment, supporting activities that contribute to sustainable development, with an emphasis on the generation of employment in the member countries, ensuring that each operation is economically and financially sound and contributes to the development of a market orientation. The organization has an authorized capital of $1.325 billion. The bank's headquarters are located in Thessaloniki, Greece
BSTDB is governed by the Agreement Establishing Black Sea Trade and Development Bank, a United Nations
United Nations
The United Nations is an international organization whose stated aims are facilitating cooperation in international law, international security, economic development, social progress, human rights, and achievement of world peace...
registered treaty. The organization was established January 24 1997. Unlike the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
and others, the BSTDB does not attach policy conditions by which debtor states can be controlled. Moody's Investors Service gives the organization a positive 'Baa1' credit rating
Credit rating
A credit rating evaluates the credit worthiness of an issuer of specific types of debt, specifically, debt issued by a business enterprise such as a corporation or a government. It is an evaluation made by a credit rating agency of the debt issuers likelihood of default. Credit ratings are...
.
See also
- Stability Pact for Southeastern Europe (SP for SEE)
- Southeast European Cooperation ProcessSoutheast European Cooperation ProcessThe South East European Co-operation Process was launched on Bulgaria's initiative in 1996. At the Bulgaria-chaired meeting in Sofia, the SEE countries laid the foundations for regional co-operation for the purposes of creating an atmosphere of trust, good neighbourly relations and stability.A...
(SEECP) - Central European Free Trade AgreementCentral European Free Trade AgreementThe Central European Free Trade Agreement is a trade agreement between non-EU countries in Southeast Europe.-Members:As of 1 May 2007, the parties of the CEFTA agreement are: Albania, Bosnia and Herzegovina, Croatia, Macedonia, Moldova, Montenegro, Serbia and UNMIK on behalf of Kosovo.Former...
(CEFTA) - Central European InitiativeCentral European InitiativeThe Central European Initiative is a forum of regional cooperation in Central, Eastern and South Eastern Europe, counting 18 member states. It was formed in Budapest in 1989.-History:...
(CEI) - Southeast European Cooperative InitiativeSoutheast European Cooperative InitiativeThe Southeast European Cooperative Initiative, or the SECI, has been an initiative that, under the auspices of men like Erhard Busek and Richard Schifter, has been successful in providing stability in an unstable region and has found support in international organizations and countries...
(SECI) - Black Sea Forum (BSF)
- Black Sea Trade and Development BankBlack Sea Trade and Development BankThe Black Sea Trade and Development Bank is an international financial institution that supports economic development and regional cooperation by providing trade and project financing, guarantees, and equity for development projects supporting both public and private enterprises in its member...
(BSTDB) - International Centre for Black Sea Studies (ICBSS)