BLACK SEA ECONOMIC CO-OPERATION (BSEC) A NEW REGIONAL INTEGRATION PROJECT

Abstract

The process of regional integration is gradually gaining importance in the world. Countries having common interests and harmonious economic structures in a geographically congenial area tend to set up regional economic and commercial associations. This is so because the integrity of markets entails an efficient usage of factors of production (labour, capital and resources), in other words, it increases the production, trade and prosperity of the area by also enhancing competitiveness in the world-trade. There are several models of regional economic and commercial arrangements in the world today. Particularly three economic blocks have affected the world economy: namely, European Community, North American Free Trade Area
and Asian Pacific Economic Co-operation. The European Community (EC) as we know it today is a monument to the dedication of its founders. EC is an advanced form of multisectoral integration, its competence extending to the economy, industry, politics, citizens' rights and aspects of foreign policy. The Treaty of Paris establishing the European Coal and Steel Community ( 1951 ), the Treaties of Rome establishing the European Economic Community and the European Atomic Energy Community (1957), the Single European Act (1986) and the Maastricht Treaty (1992) form the constitutional basis of West European Unity binding its member states more firmly than any other conventional agreement between sovereign states1 • 

Keywords

• BLACK
• SEA
• ECONOMIC

BLACK SEA ECONOMIC CO-OPERATION (BSEC) A NEW REGIONAL INTEGRATION PROJECT

Abstract

The process of regional integration is gradually gaining importance in the world. Countries having common interests and harmonious economic structures in a geographically congenial area tend to set up regional economic and commercial associations. This is so because the integrity of markets entails an efficient usage of factors of production (labour, capital and resources), in other words, it increases the production, trade and prosperity of the area by also enhancing competitiveness in the world-trade. There are several models of regional economic and commercial arrangements in the world today. Particularly three economic blocks have affected the world economy: namely, European Community, North American Free Trade Area
and Asian Pacific Economic Co-operation. The European Community (EC) as we know it today is a monument to the dedication of its founders. EC is an advanced form of multisectoral integration, its competence extending to the economy, industry, politics, citizens' rights and aspects of foreign policy. The Treaty of Paris establishing the European Coal and Steel Community ( 1951 ), the Treaties of Rome establishing the European Economic Community and the European Atomic Energy Community (1957), the Single European Act (1986) and the Maastricht Treaty (1992) form the constitutional basis of West European Unity binding its member states more firmly than any other conventional agreement between sovereign states1 •

Keywords

• BLACK
• SEA
• ECONOMIC

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