This paper aims to analyse the characteristics and meanings of the regionalization and regional cooperation in the Wider Black Sea Region, which newly attracting remarkable international attention after the Cold War, focusing on the BSEC(Black Sea Economic Cooperation). Does the area has a certain kind of feature distinctive from other areas, and does the BSEC has a significant meaning to the development of regionalization and regional cooperation in this area? On the basis of the analysis, we will discuss the success and failure of the BSEC and examine several important factors which will significantly influence on its future development. The BSEC is a major breakaway from the earlier static, inward-looking, import substitution and protectionist policies evident in the region, accordingly it promotes ‘open regionalism’ and emphasizes links with other regions as the member states economies are much more ‘outward looking’ than in the past. The future of the BSEC will be determined by the level of interdependence and pattern of cooperation developing between key players in response to the regionalization process in the Black Sea area. Even though the level of institutional cooperation is weak, regional energy, transportation, environment and trade issues will determine the future of the BSEC. And the long-term interests of BSEC member countries lie with the EU, for the majority of the member, joining the EU remains the eventual objective.

This paper aims to analyse the characteristics and meanings of the regionalization and regional cooperation in the Wider Black Sea Region, which newly attracting remarkable international attention after the Cold War, focusing on the BSEC(Black Sea Economic Cooperation). Does the area has a certain kind of feature distinctive from other areas, and does the BSEC has a significant meaning to the development of regionalization and regional cooperation in this area? On the basis of the analysis, we will discuss the success and failure of the BSEC and examine several important factors which will significantly influence on its future development. The BSEC is a major breakaway from the earlier static, inward-looking, import substitution and protectionist policies evident in the region, accordingly it promotes ‘open regionalism’ and emphasizes links with other regions as the member states economies are much more ‘outward looking’ than in the past. The future of the BSEC will be determined by the level of interdependence and pattern of cooperation developing between key players in response to the regionalization process in the Black Sea area. Even though the level of institutional cooperation is weak, regional energy, transportation, environment and trade issues will determine the future of the BSEC. And the long-term interests of BSEC member countries lie with the EU, for the majority of the member, joining the EU remains the eventual objective.

Wider Black Sea Region, Black Sea Economic Cooperation(BSEC), Regionalization, Regional Cooperation, Region Building