Black Sea Economic Cooperation (BSEC) is a product of  restructuring in political and economic fields in the direction of globalization and integration at regional level. The first founding members of the Black Sea Economic Cooperation (BSEC) are Turkey, former Union of Soviet Socialist Republic, Romania and Bulgaria, which have coasts on Black Sea. After the dissolution of  the USSR, Russian Federation as Union of Independent States, Ukraine, Azerbaijan, Moldova, Georgia, Armenia have participated as founding members. Later, Greece and Albania, which do not have coast on Black Sea have participated as founding members.

The first meeting on BSEC was held in Ankara on December 19, 1990, with the initiative of Turkey. The parties have worked on the draft covering the fundamental principles of the cooperation prepared and recommended by Turkey. And in the final statement they have officially stated that they have agreed upon the foundation of “Black Sea Economic Cooperation”.

Black Sea Economic Cooperation which is a regional economic cooperation lead by Turkey has been realized by signing of the BSEC Summit Declaration by presidents and prime ministers of eleven countries; Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece Moldova, Romania, Russian Federation, Turkey, and Ukraine on June 25, 1992 in Istanbul by taking into consideration the potential of the Participating States and the opportunities for enhancing the mutually advantageous economic cooperation arising from their geographic proximity and from the reform process and structural adjustments. After having signed, the Participating States declared that they would take concrete steps in identifying, developing and carrying out this process with the participation of their competent organizations, enterprises and firms, projects on common interest in the fields such as exchange of economic and commercial information including statistics.

The main aim of BSEC is to develop commercial, economic, scientific and echnological cooperation with the help of geographical proximity and complementary haracteristics of the economies of BSEC Countries, and to make the Black Sea Region a region of peace, cooperation and prosperity. With this main aim, it has been anticipated to build the necessary conditions for the countries of the region to increase the trade of goods and services. The principles, aims and content of BSEC have been set in BSEC Agreement which is also known as The Bosphorus Statement signed on June 25, 1992.

The countries participated in BSEC have realized an impressive organization among governments, parliaments, business environments and financial units. The decision authority in BSEC has been acknowledged to the Ministers of Foreign Affairs of BSEC Countries. Some working groups have been established to carry out the studies in various subjects by the decisions approved at the Meeting of Ministers of Foreign Affairs.

The Intergovernmental units contain the Meeting of the Ministers of Foreign Affairs (MMFA) of the Participating States, The Chairmanship in Office which is chosen according to the English alphabetical order of the countries, Senior Officials Meetings, Working Groups and the Temporary Special Working Groups. And these groups are the subsidiary organs that make concrete studies on subjects related with BSEC activities which are decided at the Meetings of the Ministers of Foreign Affairs. The Working Groups established according to the decisions taken at the Meetings of the Ministers of Foreign Affairs are:

- Working Group on Science and Technology
- Working Group on Banking and Finance
- Working Group on Exchange of Statistical Data and Economic Information
- Working Group on Transport
- Working Group on Trade and Industrial Relations
- Working Group on Communication
- Working Group on Environmental Protection
- Working Group on Cooperation on Tourism
- Working Group on Agriculture and Agro- Industry
- Working Group on Information on Laws
- Working Group on Energy

Temporary Working Groups:

- Specialist Working Group on Incitement of the Investments
- Specialist Working Group on Prevention from Double Taxation
- Specialist Working Group on Transportation Network
- Working Group on Free Movement of Business World
- Special Working Group on Organizational Matters

In order to provide cooperation between countries, BSEC Permanent International Secretariat was established in Istanbul by a decision taken at MMFA.

The inter-parliamentary unit started its activities after the decision to establish Parliamentary Assembly of the BSEC (PABSEC) taken by the representatives of Albania, Armenia, Georgia, Moldova, Romania, Russian Federation, Turkey and Ukraine in 1993. PABSEC was established by signing of a declaration in Istanbul on February 26, 1993.

The BSEC Business Council which was established according to the purposes set at the Summit Declaration of the Black Sea Economic Cooperation represents the business environment of the Participating Countries. BSEC Business Council works for improving the industrial and trade cooperation among eleven countries on business council system.