Black Sea Economic Cooperation

Black Sea Economic Cooperation (BSEC) in relation with International Trade

In the context of trade organizations, Christopher Mark (1993) provided the following definition of Black Sea Economic Cooperation (BSEC): A regional cooperation organization including Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. Objectives include expansion of mutual trade through gradual removal of trade barriers; sectoral cooperation in several areas including agriculture, transportation, and product standardization and certification; and eventual creation of a foreign trade and investment bank. The BSEC Declaration was signed by heads of state in June 1992; implementation details are currently being negotiated.