Society, economy & sport

Founding of Organization of the Black Sea Economic Cooperation

4 June 1992

The Organization of the Black Sea Economic Cooperation is a regional organisation which promotes cooperation among countries around the Black Sea and in the Balkans and Caucasus. It was set up through the Istanbul Summit Declaration, signed by eleven states, including Turkey, Russia, Ukraine, Greece, Romania, Bulgaria, Georgia, Armenia, Azerbaijan, Moldova and Albania, soon after the end of the Cold War. It became a full international organisation when its charter entered into force at the end of the 1990s, and Serbia joined later. Its permanent secretariat is in Istanbul, and it has an associated development bank. Members work together on trade, transport, energy and the environment, though political disputes among them have limited its role.

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