The meeting approved the Minutes of its Forty-Ninth Meeting, adopted the Draft Agenda of the Fiftieth General Assembly, endorsed the Progress Report of the Parliamentary Assembly, approved the proposals of the committees concerning the subjects to be considered in the first half of 2018, and adopted the PABSEC Calendar 2018. The members took note of the Draft Plan of Action on the Occasion of the PABSEC 25th Anniversary.

Then, there were also heard briefs on the Black Sea Trade and Development Bank’s (BSTDB) recent developments and the expected portfolio growth in Ukraine, and the activities of the Organization of the Black Sea Economic Cooperation (BSEC), the Black Sea Economic Cooperation Organization Business Council, and the International Centre for Black Sea Studies (ICBSS).

Worthy of note

What BSEC is?

The Black Sea Economic Cooperation (BSEC) came into existence as a unique and promising model of multilateral political and economic initiative with the signing of the Istanbul Summit Declaration and the Bosphorus Statement by the Heads of State and Government of the countries in the region, on 25 June 1992. 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 - the Organization of the Black Sea Economic Cooperation.

Aiming at fostering interaction and harmony among its members, as well as to ensure peace, stability and prosperity, encouraging friendly and good-neighborly relations in the Black Sea region, today BSEC serves as a forum for cooperation in a wide range of areas for its 12 Member States: Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Serbia, Turkey and Ukraine.

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.

Agriculture and agro-industry, banking and finance, combating organized crime, culture, customs matters, education, emergency assistance, energy, environmental protection, exchange of statistical data and economic information, healthcare and pharmaceutics, information and communication technologies, institutional renewal and good governance, science and technology, SMEs, tourism, trade and economic development and transport are among the main fields of cooperation within the framework of the Organization.

Facts about the BSEC Region:

• BSEC covers a geography encompassing the territories of the Black Sea littoral States, the Balkans and the Caucasus with an area of nearly 20 million square kilometers. The BSEC region is located on two continents;

• BSEC represents a region of 335 million people, reaching an intra-BSEC trade volume of USD 187 billion annually;

• After the Persian Gulf region, it is the second-largest source of oil and natural gas along with its rich proven reserves of minerals, metals and other natural resources;

• It is becoming Europe's major transport and energy transfer corridor.

What BSTDB is?

BSTDB was established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine which are the 11 founding countries of the Black Sea Economic Cooperation (BSEC) as a financial pillar of BSEC. As of end 2016, BSTDB cumulative portfolio in its 11 member countries has reached 340 approved operations in the key sectors of infrastructure, energy, transport, manufacturing, telecommunications, financial sector and other important areas amounting to about EUR 4.8 billion.

What (BSEC) Business Council is?

Black Sea Economic Cooperation Organization (BSEC) Business Council is an international, non-governmental and non-profit organization established in 1992, with the aim of lobbying and acting for the continuous improvement of the business environment throughout the Black Sea region to the benefit of the local business people and to help attract foreign investment. The International Secretariat of BSEC Business Council is located in Istanbul, Turkey.

Representing the business communities in the 12 Member States (Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Serbia, Turkey, and Ukraine), the BSEC Business Council aims to promoting business cooperation and regional integration in the Wider Black Sea Area, as well as integration into the global business system. What is needed today is a greater cooperation and coordination between the business communities of different countries. Dialogue is the key to sustained growth and progress. In this context, the BSEC Business Council offers a unique advantage.

What ICBSS is?

The International Centre for Black Sea Studies (ICBSS) was founded in 1998 as a non-profit organisation. It has since fulfilled a dual function:
a) it is an independent research and training institution focusing on the wider Black Sea region,
b) it is a related body of the Organisation of the Black Sea Economic Cooperation (BSEC) and serves as its acknowledged think-tank.