Memorandum of understanding for the coordinated development of the Black Sea Ring Highway

The Governments of the member-states of the Black Sea Economic Cooperation Organization (BSEC), hereinafter referred to as the Parties,

desiring to reinforce the cooperation of the BSEC member-states promoting international road transport of goods and passengers, considered as of great importance for their economic development,

believing that a coordinated plan of road construction and rehabilitation is vital to build and extend ties among the E.U., Black Sea and Asian countries, called upon to satisfy the requirements for international traffic in the future,

emphasizing that the solution of common problems of coordinated development of the road infrastructure requires new and innovative approaches within the framework of the regional cooperation,

considering that the development of the Black Sea Ring Highway, hereinafter referred to as BSRH, will also promote co-operation in the development of multimodal transport infrastructure,

desiring to have adequate road interconnections with the Trans-European, the Pan-European and the Euro-Asian Transport Networks,