On September 26,  First Vice Prime Minister/ Minister of Economic Development and Trade of Ukraine Stepan Kubiv met with  the Secretary General of the Permanent International Secretariat (PERMIS) of the Organization of the Black Sea Economic Cooperation (BSEC) Ambassador Michael B. Christides.

"Our main joint efforts should be focused on simplifying trade in the Black Sea region on the basis of the principles of international law and mutual respect, especially given the fact of Russia's aggression against Ukraine and the related changes in the economy of the entire Black Sea region. Our cooperation with the member states of the BSEC is the formation of a specific logistical and economic hub between Asia, Europe and Africa", Stepan Kubiv stressed.

The First Vice Prime Minister noted that it is important to continue active work in the already established directions. One of the next steps will be the participation of the Ukrainian delegation in the meeting of the BSEC working groups on trade and economic development, which will take place in October 2018, where the draft regional strategy for promoting trade in the Black Sea region will be considered.

Background

The Organization of the Black Sea Economic Cooperation (BSEC) is an international organization, which was established by 12 states and was aimed at focusing on multilateral political and economic initiatives aimed at fostering cooperation, peace, stability and prosperity in the Black Sea region. Ukraine chaired the BSEC from  July 1 until the end of 2017. The main efforts of Ukraine during its presidency were targeted at developing multilateral economic cooperation in the context of the security crisis in the region; practical implementation of previously adopted decisions and concluded agreements; strengthening of the project-oriented approach in the framework of realization of projects and programs of regional importance.