Organization of the Black Sea Economic Cooperation

Structure

• Summit Meetings of the Heads of State or Government of the Member States meets regularly every 5 years;
• Council of Ministers of Foreign Affairs is the main decision-making organ of BSEC, and meets twice a year;
• The Council of Ministers meets to achieve consensus on specific issues;
• The Committee of Senior Officials meets 4 times a year and acts on behalf of Ministers of Foreign Affairs;
• The Subsidiary Organs formed by the Council of Ministers of Foreign Affairs deal with their mandate defined by the Council, prepare joint projects and follow the implementation of these projects. Working Groups and Groups of Experts are the Subsidiary Organs;
• Chairmanship-in-Office coordinates all activities of BSEC, as well as, it controls the proper conduct of the activities of the organization and implementation of the Resolutions and Decisions adopted by the Council. In English alphabetical order, one of the Member States heads the Chairmanship-in-Office every 6 months. As of 2026, the Chairmanship-in-Office is held by Greece for the term 1 July to 31 December 2026.

Related bodies

Related bodies of BSEC carry out their functions due respect to the principles of BSEC defined in the Summit Declaration of 25 June 1992 and in the Charter. They have their own budget.

Parliamentary Assembly of the Black Sea Economic Cooperation (PABSEC)

The Parliamentary Assembly of the Black Sea Economic Cooperation based in Istanbul, is the inter-parliamentary consultative institution of the organization formed based on the Declaration on the Establishment of the Parliamentary Assembly of the Black Sea Economic Cooperation on February 26, 1993 by 9 founding states. Greece joined PABSEC in 1995, Bulgaria joined in 1997, and Serbia (former Serbia and Montenegro) joined in 2004. Representatives of Parliaments of member countries pursue objectives which are stated in the preamble of the PABSEC Rules and Procedures: insure the understanding and adoption of the ideas and objectives of BSEC; provide a legal basis for social, economic, cultural, commercial and political cooperation among the member states; provide support to the national parliaments to reinforce the parliamentary democracy; pass the legislation required for the implementation of the decisions adopted by the Heads of States or by the Ministers of Foreign Affairs. Main bodies of PABSEC are General Assembly, Standing Committee, the Bureau, Committees, the President, the Secretary General, and the International Secretariat. The Assembly is composed of 76 members. English, French, Russian and Turkish are the working languages of PABSEC. The President of PABSEC is Nikitas Kaklamanis of Greece, Speaker of the Hellenic Parliament, who took over from Shalva Papuashvili of Georgia following the 67th General Assembly in June 2026.

Black Sea Economic Cooperation Organization Business Council (BSEC BC)

The Black Sea Economic Cooperation Organization Business Council was formed in 1992 as an international, non-governmental and non-profit organization to strengthen the improvement of the business environment within Black Sea region. Business Council represents the business communities of member states. The International Secretariat of Business Council is based in Istanbul.

Black Sea Trade and Development Bank (BSTDB)

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution that was formed 24 January 1997. It 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. Unlike the International Monetary Fund and others, the BSTDB does not attach policy conditions by which debtor states can be controlled. The Bank has a long term credit rating of 'A' from Moody's Investors Service and an 'A3' from Standard & Poor's, both with a stable outlook.

International Center for Black Sea Studies (ICBSS)

The International Center for Black Sea Studies is an independent think tank focused on the wider Black Sea region, which serves as a related body of BSEC at the same time. It was established in 1998.

BSEC Coordination Center for the Exchange of Statistical Data and Economic Information (BCCESDEI)

The BSEC Coordination Center for the Exchange of Statistical Data and Economic Information was established with the aim to collect statistical and economic information, accomplish secretarial functions, coordinate obtained data and share it with member countries.

Working Groups

Member states are cooperating on different issues within the Working Groups. They are the following:

The functions of Working Groups, of which country coordinators have not been appointed yet, are performed temporarily by the PERMIS.