Regional economic cooperation and connectivity is an important tool for development and enhancing new trade and investment opportunities

The meeting was attended by responsible representatives of BSEC Member States: Azerbaijan, Armenia, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, Ukraine, as well as representatives of the related bodies, observers and international structures, including PS IGC TRACECA. 

The meeting was chaired by Mr. Ramin Guluzade, Minister of Transport, Communications and High Technologies of the Republic of Azerbaijan and attended by H.E. Mr. Mehmet Cahit Turhan, the Minister of Transport and Infrastructure of Turkey. Other countries were represented at the level of deputy ministers. 

There were discussed a number of issues, such as the signing of memorandums of understanding on cooperation of the BSEC Member States in the field of transport, coordinating the development of the Black Sea Ring Highway, the development of shipping lanes, simplification of goods transportation methods and appointing transport representatives to the working group.

In addition, the meeting considered the cooperation with international organizations.

During discussion, the participants mentioned that the international community, various interregional and regional structures and organizations aimed to cooperate among each other for the benefit of strengthening transport dialogue, creation of favourable investment opportunities and ensuring reliable transport and trade connections.

Following the speech, Mr. Ciopraga stressed the efforts of TRACECA which are focused on the further dynamic development along the international transport corridor Europe-the Caucasus-Asia. The main objectives in this regard were determined in the Strategy of IGC TRACECA for the development of ITC TRACECA up to 2026.

Mr. Ciopraga also mentioned the consistent measures by the Permanent Secretariat for the preparation of regular Investment Forum under the aegis of TRACECA, to be held in May, next year in Romania. The member –states of TRACECA some of which are also the members of BSEC are expected to present their national investment projects for the funding by the IFI`s within the Forum.
It should be noted that the Memorandum of Understanding between PS IGC TRACECA and PS BSEC (PERMIS – Permanent International Secretariat of BSEC) signed on 13 December 2007 in Astana, the Republic of Kazakhstan.

The Organization of the Black Sea Economic Cooperation, which was founded in 1992, is an intergovernmental organization uniting 12 states of the Black Sea and Southern Balkans. The headquarters of the organization is located in Istanbul. Azerbaijan assumed the BSEC chairmanship at the 38th meeting of the Organization's Council of Ministers of Foreign Affairs, which took place on June 27. Azerbaijan will chair the BSEC until December 2018.