The black sea economic cooperation (BSEC): as a determinant and multilateral factor in the black sea region and European Union

Abstract

Given the existence of fragile and conflict- ridden political circumstances in the Black Sea area, the initiation and the following institutionalization of the BSEC has been an important achievement. The wider Black Sea area is of increasing political and economic importance for the EU, presenting unique challenges and opportunities. The EU has a major interest in promoting political stability and economic prosperity in the Black Sea region and stimulating the development links both within the region and with the EU. The region also provides a potentially important market for EU goods. The international importance of the wider area of the Black Sea has been identified with the idea of energy and energy safety mostly because of its strategic position as a junction concerning the transit of oil and gas towards the international market.